NCDMB Grants Access to $360 Million Intervention Fund to Ten Local Shipping Firms

The Nigerian Content Development and Monitoring Board (NCDMB) has provided ten indigenous shipping companies access to its $360 million intervention fund, managed by the Bank of Industry (BoI).

During the Maritime Roundtable Breakfast Meeting held in Lagos, Silas Ajimijaye, General Manager of Research, Statistics, and Development at NCDMB, disclosed that around ten local shipping firms have successfully accessed the fund.

He noted that the fund’s management by BoI has significantly reduced the default rate, as beneficiaries consistently repay the loans on time. Ajimijaye mentioned that the facility continues to grow since it operates on a single-digit interest rate, allowing companies to repay and make the fund available to others.

According to Ajimijaye, BoI regularly provides reports to track the progress of the intervention, reflecting effective management with a notably low default rate compared to conventional banking loans.

He further explained that NCDMB is committed to enhancing local content through collaboration with relevant government agencies, as mandated by the Nigerian Content Act. This includes working alongside the Cabotage law to ensure compliance and integrating Nigerian workers into shipping operations.

Ajimijaye also emphasized that the Nigerian Content Plan (NCP) must be incorporated into every contractual agreement to secure long-term benefits for Nigerians. Additionally, shipping companies are required to demonstrate how they integrate Nigerian workers into their systems, especially in vessel manning and operations.