- The Nigerian Content Development Fund (NCDF) meant to assist Nigerian operating firms’credit needs has risen to about $700 million.
- The Fund is intended to address financial and liquidity challenges of Nigerian companies by offering partial guarantee on bank loans and 50 per cent interest rebate on performing bank loans under the partial guarantee scheme.
- The Fund, estimated to be just above $540 million at the end of April, it was learnt, is growing gradually and would likely hit its projected target of $700 million by the end of the year.
- A source at the Nigerian Content Development and Monitoring Board (NCDMB) told The Nation that the Fund’s growth is impressive as it was started with only $50 million in 2010. “The projected growth chart was that by 2011, it would rise to $70 million and $150 million by 2012 and to $350 million by 2013, while we were looking at $450 million and $700 million by end of 2014 and 2015 respectively.
- But you know that these targets were mere aspirations and the expectation was that if we would be able to achieve 70-80 per cent of these targets, it would be gratifying results,” he said, adding:“But fortunately the Fund has been growing beyond expectation and may attain the planned target of $700 million by year end.