The Nigerian Content Development and Monitoring Board (NCDMB) said in Lagos yesterday that it expects the Nigerian Content Intervention (NCI) fund to hit $1 billion in the next three years.
Speaking at NCDMB’s research and development forum in Lagos, the board’s executive secretary, Simbi Wabote, said with the launch of the $200 million intervention fund with the support of the Bank of Industry, the bank was charged to attract more funds to make the NCI fund more than $1bn in the next three years.
Wabote said the $200 million fund has all the attractions to encourage the growth of the industry. “The loan will be given to local vendors, service providers at a fixed rate of 8 per cent interest and for five years tenor. It has $10 million available to a single obligor at a particular point in time. You can imagine the change this will bring into the industry if you give loans to service providers at that rate for five years,” he said.