• 3 minutes China's aggression is changing the nature of sovereignty.
  • 8 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 11 minutes Europe gas market -how it started how its going
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours Russia, Ukraine and "2022: The Year Ahead"
  • 2 days Amazing!...see article: "Turkmenistan To Close "Gates Of Hell" Gas Fire" by Irina Slav
  • 13 hours Why is oil priced and traded in U.S. dollars?
  • 9 hours Ukrainian Maidan after 8 years
  • 12 hours Russia oil production live month after month starting from November 2021 - official stats from Rosstat agency
  • 2 days Сryptocurrency predictions

Nigeria Launches $100 Million Oil Fund

Nigeria’s government has launched a special fund worth US$100 million to take care of securing the credit that the oil industry of the country needs. Called a Nigerian Content Intervention Fund, the vehicle will be managed by the Nigerian Content Development and Monitoring Board and the Bank of Industry.

Until now, Nigerian oil service companies could benefit from a 50 percent interest rebate on loans from commercial banks plus partial security. These were provided by the Nigeria Content Development Fund, which was launched in 2012.

The Acting Executive Secretary of the NCDMB said the new fund was set up in response to difficulties cited by local oil industry players in obtaining borrowed funds for their operations. Patrick Obah added that the board and the Bank of Industry were dedicated to providing assistance to oil services companies that wanted to create more jobs locally, retain their revenues in-country and add value to the economy.

Nigeria’s oil sector has been deeply troubled by falling oil prices, and more recently, by a long string of attacks on oil production and transport infrastructure. Some of these attacks, though not targeting people, have ended with human casualties. The groups taking responsibility for the attacks have stated that their aim is to redirect a bigger portion of state oil revenues from Lagos to the impoverished region of the Niger Delta, where the country’s oil industry is concentrated.

Just the other day, senior government officials from the two southern provinces of Nigeria urged the central government to revise the oil well ownership regulations in such a way as to give Niger Delta communities a bigger share of the profits. “The people of the Niger Delta region should possess at least 65 percent of the oil wells contrary to the present ownership structure where less than 10 percent of the oil blocks belong to our people,” the legislators said.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News