The Senate has discovered that there are $400 million in intervention funds held in banks and other financial institutions in the country.
This was revealed by Natasha Akpoti-Uduaghan, the Chairman of the Senate Committee on Local Content, during a meeting with the Nigerian Content Development and Monitoring Board (NCDMB).
Akpoti-Uduaghan disclosed that out of the uncovered funds, $30 million was allocated for capacity building in the oil and gas sector, while $20 million was intended for women in oil and gas businesses.
Additionally, there is another $50 million available for research and development in the oil and gas industries, which is held in the Central Bank of Nigeria (CBN).
The senator raised concerns about why the funds were not being utilized by Nigerians and urged the Nigeria Local Content Development Board (NCDMB) to make the funding opportunities accessible to ordinary Nigerians.
Akpoti-Uduaghan stated that these funds could attract oil and gas equipment manufacturers to Nigerian Oil and Gas Parks Scheme (NOGaPS) facilities and improve access to affordable finance for manufacturing entities.
In response, the Executive Secretary of NCDMB, Engr. Felix Ogbo, revealed that the $300 million allocated for the Nigerian Content Intervention Fund was still held by the Bank of Industry (BoI).
He clarified that the entire $300 million had already been distributed, with a total of $330 million disbursed thus far.
Ogbo further explained that as beneficiaries repay their loans, the money will be made available to others seeking to borrow.
