Buhari announces $200m intervention funds for local oil firms, disbursements for mortgages

President Muhammadu Buhari has announced the disbursement of funds from the $200 million Nigerian Content Intervention Fund to indigenous manufacturers and service providers in the oil and gas sector.

This was part of the President’s speech during his June 12, 2020, Democracy Day Speech on Friday.

This is part of the Federal Government’s effort to boost indigenous participation in the oil and gas sector in order to continue to grow local content and invariably increase investment in the sector.

According to the President, ‘’We continue to grow local content in other areas of the oil and gas sector with the disbursement of funds from the $200 million Nigerian Content Intervention Fund to indigenous manufacturers and service providers.’’

As at July 2019, the Nigerian Content Development and Monitoring Board (NCDMB), which has the responsibility to manage this fund had disbursed about $160 million to local oil firms.

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