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The Federal Government’s efforts aimed at boosting the ease of doing business received a boost as the Nigerian Content Development and Monitoring Board (NCDMB) enhanced the model of the Nigerian Oil and Gas Industry Joint Qualification System (NOGIC-JQS) in order to ensure effective implementation of Nigerian content in the Oil and Gas industry.
The NOGIC-JQS, powered by the NCDMB, is an electronic platform of data collation, dissemination and retrieval system for capacity building for oil and gas professionals and others interested in the industry.
Speaking on the theme, ‘Optimising the JQS- Functionalities for the ease of Doing Business, with the board during a workshop organised by Nigerian Content Board, Executive Secretary, NCDMB, Simbi Wabote, explained that the NOGIC-JQS platform was upgraded to ensure operations between the board and stakeholders are repositioned.
“First thing we did was to enhance our ITE infrastructure and based on that, we moved the infrastructure from where it was to currently the infrastructure you are seeing today and since we did that, we have seen processes that are faster, processes that don’t clog the system and we began to implement the provisions of Section 55 and 56 of the Nigerian Oil and Gas Industry Content Development Act.
“Based on Sections 55 and 56 of the Act, the NOGIC-JQS is an electronic platform designed to reposition operations with stakeholders, further meet objectives of the executive order by the Acting President, Yemi Osinbajo, on the ease of doing business and the support of local content in public procurement,” he explained.
He further said “this is just a first in the series of trying to let people have an understanding of what the JQS is supposed to accomplish and expect stakeholders to give us a feedback that will enable us to improve on the platform and to make them understand that within a stipulated time frame, we will deploy this IT tool to manage our activities with the board.”
According to him, “this platform will be of benefit to stakeholders as it will reduce travel and turnaround time, foster better institutional collaboration, enhance internal efficiency, resource for engaging skilled workforce to stop the paper trail and enable people to do business with NCDMB.”
Recently, NCDMB said it would begin the disbursement of the N31 billion ($100 million) Nigerian Content Intervention Fund to enhance indigenous firms participation in the oil sector. The fund was established to finance manufacturing initiatives in the oil and gas industry and enhance indigenous participation in a sector mainly dominated by the International Oil Companies.
Wabote said the fund would be managed in collaboration with the Bank Of Industry (BoI).
The Board had earlier put in place the Nigerian Content Development Fund which was established by section 104 of the Nigerian Oil a And Gas Industry Content Act, 2010 to fund the Implementation of the Nigerian Content development through various projects, programs and activities to enhance the Nigerian oil and gas industry.
Wabote explained that the NCDF was informed by the need for a special fund that will help develop the local supply chain and build critical capacity in the industry.
The Board consequently developed an operating model to assist its implementation.
Under the model, the fund was broken into two financing segments, with 70 per cent dedicated to Commercial Intervention such as financing of projects, programs and activities and equity participation by the Board, while 30 per cent was dedicated to Developmental Initiatives such as Capacity Building, starter packs for youths to kick-start projects and programs in the sector as well as administrative costs associated with implementing the scheme.
The model facilitated financing of the Nigerian Content Development Initiatives by indigenous stakeholders by commercial banking institutions with NCDF support in the form of 30 per cent partial guarantee and 50 per cent interest rebate on performing credit facilities.
However, with the introduction and Implementation of the Treasury Single Account (TSA), a review of the model became imperative which now introduced the NCI Fund which further discarded the partial guarantee and interest rebate scheme thus introducing an On-Lending, (Managed Fund) partnership with established development and financial institutions. |
