In a bid to fast-track the local content development in the nation’s oil and gas sector, Nigerian Content Development and Monitoring Board (NCDMB) on Wednesday said it would commence soon the disbursement of the $200 million Nigeria Content Intervention Fund (NCIF) .

The Board’s Manager, Corporate Communications, Naboth Onyesoh, in a statement confirmed that it had started receiving various applications for the loan.

He disclosed that the fund was pooled by stakeholders in the oil and gas industry and would soon be disbursed to beneficiaries after all applications had been considered.

He explained: “The stakeholders are the various oil and gas servicing firms operating in Nigeria. The fund which has been deposited with the Bank of Industry (BOI) for proper management is meant to be disbursed as loans to enable firms acquire platforms.

“The ideology behind the fund is to facilitate local content development to bolster facility ownership in the multi-billion naira businesses that happen to be the life wire of the Nigerian economy.

“The process of getting the loan is made seamless for all the stakeholders with only local contractors in the oil and gas that are non-contributory beneficiaries of the NCIF,’’ Onyesoh added.

He said that Ladol and Starz were two companies that benefited from the former regime of the fund, adding that the Board will consider applications for the fund, with a view to drawing up list of beneficiaries for disbursement.

It would be recalled that the NCDMB launched the NCIF early this year to boost local content in the petroleum sector.