NCDMB, NEXIM to administer US$30m Working Capital Fund for oil and gas service companies

NIGERIA – The Nigerian Content Development and Monitoring Board (NCDMB) and Nigerian Export-Import Bank (NEXIM) have signed a memorandum of understanding on the administration of US$30 million Working Capital Fund for oil and gas service companies. The Fund was conceived by the NCDMB to support the operations of local oil companies against the adverse effects of the Covid-19 Pandemic, loss of contracts due to low oil price and ensure the companies retain their personnel in employment. The Working Capital Scheme is one of the newly introduced products in the Nigerian…

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