• 4 minutes What If Canada Had Wind and Not Oilsands?
  • 8 minutes EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 17 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 3 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 2 hours Could oil demand collapse rapidly? Yup, sure could.
  • 3 hours U.S. Withdraws From U.N. Human Rights Council
  • 13 hours Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 12 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 8 hours "The Gasoline Car Is a Car With a Future"
  • 7 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 5 hours Saudi Arabia turns to solar
  • 1 min Gazprom Exports to EU Hit Record
  • 17 hours North Korea, China Discuss 'True Peace', Denuclearization
  • 3 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 6 hours What If Canada Had Wind and Not Oilsands?
  • 9 hours EVs Could Help Coal Demand
  • 17 hours WE Solutions plans to print cars
  • 22 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 1 day Lloyd's of London excludes coal

Nigeria Launches $100 Million Oil Fund

Nigeria Pipeline

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

Oilprice - The No. 1 Source for Oil & Energy News