NCDMD reveals $200 million Nigerian Content Fund at Nigerstar7 vessel inauguration

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The Nigerian Content Development and Monitoring Board (NCDMB) has commenced the disbursement of the $200 million Nigerian Content Intervention Fund, which is fully managed by the Bank of Industry (BOI).

Disclosing this recently, the executive secretary, NCDMB, Mr Simbi Wabote, said that currently the board has received about 100 applications while three companies he revealed have accessed the fund. Wabote who was speaking at the inauguration of the $10 million oil floating facility asset acquired by Niger Star7 to boost local content development in Nigeria, lauded the company for developing local content in Nigeria.

He also said that the board remains committed to encouraging Nigerian firms in the oil and gas sector to play key roles in the critical industry, and that the Board is determined to provide support and serve as a catalyst for the realisation of developing local content in Nigeria’s oil and gas industry.

Speaking at the inauguration ceremony at Nigerdock in Lagos, Mr. Yann Cottart, chief executive officer, NigerStar7 Company Limited, said the company plans to invest over $20 million to acquired oil floating facility assets that would boost local content development in Nigeria. He said the company invested about $10 million to acquire the new vessel named `NigerStar7 Adaba’. Cottart said that the proposed direct and indirect investments into the oil and gas services companies would further boost local content development in the country.

According to him, the $20 million investment future plan to acquire oil floating facilities, vessel and oil servicing equipment would create more jobs opportunities for offshore and onshore workforce and oil servicing companies. “We invested about $10 million on the newly NigerStar7 Adaba vessel that we are re-launching today to boost capacity and promote local content initiative in Nigeria.

Today is a remarkable day for the company as we welcome our newly acquired vessel that would serve Nigeria’s offshore and onshore oil and gas industry.

“We are executing the largest and complex Equipment, Procurement and Construction (EPC) deepwater projects and with this new additional vessel, we become the only Nigerian Tier 1 EPC contractor with 100 per cent owned and positioned in-country,” he said.

Cottart said that with the investment, NigerStar7 is creating employment opportunities for marine personnel in offshore and onshore, adding that the company also provides an asset to Nigeria which can best serve clients interest. He said that NigerStar7 benefits from its alliance with Jagal and Nigerdock companies, which is one of the largest fabrication yards in West Africa, capable of executing fabrication activities for most shallow and deep water projects.

Further appreciating the investment, Wabote said, “I must commend NigerStar7 for this renewed commitment to local content practice and the noticeable re-positioning you have undertaken to project the value proposition you offer as an oil and gas service provider of repute. “I am aware of some of the crucial projects you have undertaken to secure the country’s production at very critical moments. You have acquired so much credentials and I believe there are still a lot more you,” he said.

The NCDMB boss, however, called for more collaboration with the oil and gas operators to boost local content development in Nigeria, adding that the Board has consciously adopted working synergy mantra approach. He said the fund will be applied to four key areas of the oil and gas activities such as; Manufacturing (including asset acquisition related to manufacturing), asset/equipment acquisition (such as rigs, marine vessels, etc), project financing for service providers, loan re-financing, and contract financing for community contractors.

“I am delighted to be here to honour your invitation to chair this occasion dedicated to the re-naming of one of your vessels. I took particular note of a phrase in your invitation letter to the effect that the vessel we are renaming today is ‘permanently imported, 100 per cent owned by NigerStar 7 and Nigerian flagged”, he said

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