The Nigerian Content Development and Monitoring Board (NCDMB) has said that it expects the Nigerian Content Intervention (NCI) fund to hit $1 billion in the next three years
NCDMB disclosed this at its’s research and development forum Monday in Lagos.
The board’s executive secretary, Simbi Wabote, said with the launch of $200 million intervention fund with the support of Bank of Industry, the bank was charged to attract more fund to make the NCI fund more than $1bn in the next three years.
Wabote said the $200 million fund has all the attractions to encourage the growth of industry.
“The loan will be given to local vendors, service providers at a fixed rate of 8 per cent interest and for five years tenor. It has $10 million available to single obligor at a particular point in time. You can imagine the change this will bring into the industry if you give loans to service providers at that rate for five years,” he said
