The loans under the Scheme will provide liquidity to beneficiaries and enable them have adequate working capital to manage other operating expenses related to their portfolio of oil and gas operations and restocking of inventory. The Funds will also be applied to acquisition and maintenance of low-end assets and/or expansion or renovation related to ongoing oil-servicing contracts/projects requiring funding.

The partnership between NCDMB and NEXIM under the scheme is in accordance with the mandates of both organisations towards the promotion and development of Services-related companies to effectively compete domestically and internationally, especially against the backdrop of the African Continental Free Trade Agreement (AfCFTA). The synergy is also in realization of the growing influence and dominance of the Services sector with contribution of over 50% to the Gross Domestic Product (GDP).

Objectives of the Scheme

The Working Capital & Capacity Building Fund is designed to achieve the following strategic objectives:

• Boost indigenous participation in the Oil & Gas industry and build local capacity and competencies.
• Promote the growth and development of Nigerian Content in the provision of services to the Nigerian Oil and Gas Industry.
• Address persistent funding challenges that have constrained capacity and growth of local service providers in Oil & Gas-related activities.
• Facilitate growth of Host Community-based companies in the provision of Services to the upstream Oil & Gas sector.
• Enhance productivity and job creation in the Oil & Gas Industry.
• Attract investment capital into the sector and boost contribution of the sector to Nigeria’s economic growth.
• Enhance skill acquisition and competences as well as rating to undertake export of Services in Oil & Gas-related activities.

Eligibility Criteria

Eligible Applicants and Beneficiaries include;

• Duly registered/incorporated companies in Nigeria.
• Commercially viable and have contract relationship with IOC/major NOC.

Eligible projects/Transactions

Eligible transactions to qualify for funding support under this Scheme shall include:

• Transactions connected with Oil service contracts;
• Contracts to boost the operations and viability of a qualifying NOSP
• Transactions for the supply of low-end assets and/or other equipment relating to the execution of an oil services contract from IOCs/NOCs.