• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Federal Government kick-starts this oil and gas project with $200 million

Onome Ohwovoriole by Onome Ohwovoriole
August 24, 2017
in Business News
Federal Government kick-starts this oil and gas project with $200 million
Share on FacebookShare on TwitterShare on Linkedin

The  Federal Government, Thursday launched  a Local Content Fund for the oil and gas industry.  The fund will be managed by the  Nigerian Content Development and Management Board (NCDMB) in conjunction with the Bank of Industry (BOI). Minister of State for Petroleum Ibe Kachikwu who was present at the event said it would be initiated with $200 million but eventually be scaled to $1 billion.

Who benefits?

Local operators in the oil and gas sector will have access to more funds to grow their capacity, as it will finance firms that need to acquire oil assets or operate in the oil services industry.  The oil industry is a highly capital intensive one, and banks have cut down lending to the sector due to a high level of bad loans pertaining to the sector and the economic downturn in the country . A drop in the price of crude oil has left many operators struggling, especially those in the services sub sector. An increase in capacity means more jobs will be created. Despite the increase, the fund size is still grossly inadequate compared to the scale of the oil and gas industry in the country.

The Nigerian Content Monitoring and Development Board was established by the administration of President Goodluck Jonathan following the signing of the Nigerian Content Act on 22nd April 2010.

RelatedStories

BOI

FG disburses N2.25 billion to 16,696 MSMEs in Gombe  

May 2, 2025
Bank of Industry disburses N1 billion to 20,000 SMEs in Ogun State 

Bank of Industry launches N10 billion fund to empower female entrepreneurs in Nigeria 

March 20, 2025

The Bank of Industry (BOI) was carved out from the Nigerian Industrial Development Bank (NIDB) which was founded in 1964. Shareholders in the bank include the Ministry of Finance (MOFI) which has 94.48% of the shareholding, the Central Bank of Nigeria (CBN) 5.2%, and the rest held by individuals.

Tags: Bank of IndustryBOINews ReviewNigerian Content Development and Management Board
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Related Posts

BOI
Business News

FG disburses N2.25 billion to 16,696 MSMEs in Gombe  

May 2, 2025
Bank of Industry disburses N1 billion to 20,000 SMEs in Ogun State 
Business News

Bank of Industry launches N10 billion fund to empower female entrepreneurs in Nigeria 

March 20, 2025
Bank of Industry disburses N1 billion to 20,000 SMEs in Ogun State 
Manufacturing

BOI disburses N22.89 billion to 29 manufacturers  

December 10, 2024
FG plans lending scheme for clean energy adoption in Nigeria – BoI MD  
Business News

Bank of Industry raises $5 billion, plans N120 billion  support for MSMEs 

November 22, 2024
Bank of Industry disburses N1 billion to 20,000 SMEs in Ogun State 
Business News

Bank of Industry disburses N1 billion to 20,000 SMEs in Ogun State 

November 5, 2024
BOI
Business News

Bank of Industry confirms disbursement of N38.7 billion to nano businesses under trade grant scheme  

October 13, 2024
Next Post
Nigerian stocks March

Nigerian Stocks: Daily gainers and losers (24/08/2017)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • British International Investment committed over £1.09 billion to African firms in 2024 – Report
  • JAMB sets 150 as minimum cut-off for universities,100 for polytechnics, colleges of education 
  • Send App by Flutterwave resumes remittance transfers from Europe to Africa with enhanced features 

Follow us on social media:

Recent News

British International Investment committed over £1.09 billion to African firms in 2024 – Report

British International Investment committed over £1.09 billion to African firms in 2024 – Report

July 8, 2025
Junior public officers take CBT exams administered by JAMB

JAMB sets 150 as minimum cut-off for universities,100 for polytechnics, colleges of education 

July 8, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics