FG Launches $200m Fund To Help Local Oil And Gas Firms – The Reflector Newspaper
Saturday, August 30, 2025
  • About
  • Advertise
  • Careers
  • Contact
The Reflector Newspaper
  • Home
  • News
  • Politics
  • Featured
  • Foreign News
  • Business
  • Opinions
  • Sport
  • Crime
  • Others
    • Education
    • Economy
    • Entertainment
    • Fashion & Style
    • Health
    • Interview
    • Love & Relationships
    • Technology
  • Login
No Result
View All Result
The Reflector Newspaper
Home Business

FG Launches $200m Fund To Help Local Oil And Gas Firms

Adams Bamidele by Adams Bamidele
August 24, 2017
in Business
0
0
SHARES
1
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsAppShare on TelegramSend to Email

Nigeria launched a fund on Thursday with an initial value of $200 million to support local oil and gas firms, the oil minister said, part of a government drive to improve access to low-cost credit across the economy.

The Nigerian Content Development Fund (NCDF) would be financed through allocating the fund one percent of the value of all contracts awarded in the state-run upstream oil and gas industry, Petroleum Ministry said.

Related posts

UN Ranks Nigeria 8th On African industrialization Index, 98th Globally

UN Ranks Nigeria 8th On African industrialization Index, 98th Globally

August 18, 2025
Furious Benue Commuters Left Stranded As Fuel Price Hits N1,500/litre

NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

August 14, 2025

Oil sales make up about two-thirds of national revenues in Africa’s biggest economy, which is in its first recession in 25 years largely caused by low global crude prices.

The new fund would offer finance to energy firms setting up manufacturing facilities or acquiring assets such as oil rigs, ministry officials said. It would also offer project financing and help refinance existing loans, they said.

“I would like to see this fund going to cutting edge, tech-driven businesses,” Minister of State for Petroleum Emmanuel Kachikwu told an event in the capital Abuja to launch the fund.

The goal was to increase the size of the fund to $1 billion, he said, without giving a timeframe.

Firms would be able to borrow up to $10 million for a single project or investment at single digit interest rates over five years, officials said. Typically, a commercial bank would charge double digit interest rates in Nigeria.

The Nigerian Content Development and Monitoring Board (NCDMB) would manage the fund alongside the state-run Bank of Industry, officials said.

The Reflector Newspaper's newsletters cover a variety of topics, from daily news to lifestyle content, markets info to medical news. Subscribe to get the latest information.

Unsubscribe
Previous Post

Present Your Argument Not Gun, Kanu Tells Buhari

Next Post

FG To Help Islamic Banks With Huge Fund

Next Post

FG To Help Islamic Banks With Huge Fund

RECOMMENDED NEWS

NNPC Will Be Only Buyer Of Dangote Fuel – FG

NNPC, Dangote In Fresh Controversy Over Supply Volume

12 months ago
10th Assembly’s People’s House For All

I Have No Regret Pulling Down Gov. Alia’s Portrait – Rep Agbese

2 years ago
Uzodinma, His Southeast Friends Blocking Nnamdi Kanu’s Release – IPOB Leader’s Brother

Uzodinma, His Southeast Friends Blocking Nnamdi Kanu’s Release – IPOB Leader’s Brother

2 years ago
Sports In Nigeria Is DEAD

Sports In Nigeria Is DEAD

1 year ago

FOLLOW US

BROWSE BY CATEGORIES

  • Business
  • Crime
  • Economy
  • Education
  • Entertainment
  • Fashion & Style
  • Featured
  • Foreign News
  • Health
  • Interview
  • Love & Relationships
  • News
  • Opinions
  • Politics
  • Sport
  • Technology
  • Uncategorized

BROWSE BY TOPICS

#EndBadGovernance protest 2027 Elections ADC Ademola Adeleke Akpabio Alaafin Of Oyo APC Atiku Bola Tinubu Buhari By-Elections CBEX Coalition Dangote Refinery Defection Economic and Financial Crimes Commission (EFCC) Economic Hardship EFCC Emergency Rule Federal Government of Nigeria Fubara Fuel Price Fuel Price Hike Goodluck Jonathan Gunmen INEC JAMB Natasha Nigerian National Petroleum Company Limited (NNPCL) Nnamdi Kanu NNPC NNPCL Olubadan PDP Peter Obi President Ahmed Bola Tinubu Rivers Administrator Rivers Assembly Rivers Crisis Senate Tinubu UTME VeryDarkMan WAEC Wike

POPULAR NEWS

  • Congo’s President Daughter’s Bedroom Surfaces Online

    Congo’s President Daughter’s Bedroom Surfaces Online

    0 shares
    Share 0 Tweet 0
  • Economy Bleeds As Naira Hits Record Low With N72.58 Depreiciation Against Dollar

    0 shares
    Share 0 Tweet 0
  • Old Naira Notes Remain Valid – CBN

    0 shares
    Share 0 Tweet 0
  • Gospel Actress, Flora Of Abattoir Movie Series Is Dead

    0 shares
    Share 0 Tweet 0
  • JUST IN: FCT Minister Wike Leads Eid-El-Fitr Homage To President Tinubu Amid Death Rumors

    0 shares
    Share 0 Tweet 0
The Reflector Newspaper

Our mission at The Reflector Newspaper is to cultivate a dynamic digital space where truth, integrity, and diversity thrive.

Follow us on social media:

Recent News

  • Jonathan Consulting, Not Out Of 2027 Race — Brother
  • Tinubu-Shettima Campaign Coordinator In Zamfara Resigns
  • Abusive Marriage: Lagos Records 8,692 Domestic Violence Cases
  • Varsity Profs Demand N2.5m Salary

Category

  • Business
  • Crime
  • Economy
  • Education
  • Entertainment
  • Fashion & Style
  • Featured
  • Foreign News
  • Health
  • Interview
  • Love & Relationships
  • News
  • Opinions
  • Politics
  • Sport
  • Technology
  • Uncategorized

Recent News

2027: Why Jonathan Should Not Contest — Shehu Sani

Jonathan Consulting, Not Out Of 2027 Race — Brother

August 30, 2025
Tinubu-Shettima Campaign Coordinator In Zamfara Resigns

Tinubu-Shettima Campaign Coordinator In Zamfara Resigns

August 30, 2025
  • About
  • Advertise
  • Careers
  • Contact

Copyright © 2024 The Reflector Newspaper. Website designed by Mavens Designs.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Login
  • Home
  • News
  • Politics
  • Featured
  • Foreign News
  • Business
  • Opinions
  • Sport
  • Crime
  • Others
    • Education
    • Economy
    • Entertainment
    • Fashion & Style
    • Health
    • Interview
    • Love & Relationships
    • Technology

Copyright © 2024 The Reflector Newspaper. Website designed by Mavens Designs.

Verified by MonsterInsights