Over 10 indigenous firms get NCDMB’s $360 million intervention fund

The Nigerian Content Development and Monitoring Board (NCDMB) has given over 10 indigenous shipping firms access to its $360 million single-digit intervention fund domiciled at the Bank of Industry (BoI). The Executive Secretary/Chief Executive Officer of NCDMB, Felix Ogbe, disclosed this during a panel discussion at the 2025 edition of the Maritime Business Roundtable Breakfast Meeting organised by Zoe Maritime Resources Limited in Lagos with the theme, ‘Maritime Logistics and Sustainability of the Ocean Economy’. Ogbe, who was represented by the General Manager in charge of Research, Statistics and Development of NCDMB, Silas Ajimijaye, said that over 10 local shipping firms had accessed the Fund.

He said that since the fund was being managed by the BoI, the default rates had been very low as more beneficiaries accessed the loan and paid it back in no time. He said that over 10 Nigerian shipping companies have accessed the NCDMB funds, adding that Starz Marine Investment was one of the beneficiaries and also appreciated what NCDMB has done to help them and other counterparts in the oil and gas logistics chain. Ogbe said that NCDMB was working with several others, adding that the fund kept growing.



He said that the fund was a loan, but a single-digit loan, while the facility could be much more because as stakeholders were using it, they were paying back. According to him, the BoI is managing this Fund, and now and then, they provide reports to show the progress of the intervention. “In our law, the Act allows us to collaborate with other relevant government agencies to deepen local content, which we are doing with the Cabotage law to ensure compliance with the law.

“There is also the Nigerian Content Plan, NCP, which has to be in every contract arrangement to ensure what will be in such a contract for Nigerians and how Nigerians can take over such contract jobs in the long run. In the manning vessel, you must show how you make Nigerians understand your system and integrate Nigerians into your system. “NCDMB also collaborates with international companies to train Nigerian seafarers, and we also do a lot of advocacy and capacity building training to enhance efficiency in the maritime and logistics chain,” he said.

Ogbe also said that since the Fund is being managed by the Bank of Industry, the default rate has been very low as more beneficiaries access the loan and pay it back in no time. He further explained that in their law, the Act allows NCDMB to collaborate with other relevant government agencies to deepen local content, which they were doing with the Cabotage law to ensure compliance with the law. “There is also the Nigerian Content Plan, NCP, which has to be in every contract arrangement.

You have to ensure what will be in such a contract for Nigerians and how Nigerians can take over such contract jobs in the long run. “Even with the vessels, in manning, you have to show how you make Nigerians understand your system and integrate Nigerians into your system. “We do what we call a gap analysis, which has a clear data-driven scenario and recommend to the government ways to bridge gaps among players in the maritime logistics chain.

“NCDMB also recognise partners NIMASA, NIWA, other institutions and industry players to collaborate to solve the problems,” Ogbe said..