The Launch of 200 million Dollar Nigerian Content Investment Fund, Imminent – Wabote
To provide support for project financing, management, logistics and encourage capacity development for local companies, the Executive Secretary of the Nigeria Content Development and Monitoring Board, NCDMB, Mr. Simbi Wabote has disclosed the Board’s preparedness to launch the Nigeria Content Investment Fund with the Bank of Industry with a take-off grant of $200 million for a five-year period
Speaking during a working visit to the PCMN factory in Shomolu, Lagos, Wabote urged the Chairman of the MANLOC Group, Mr. Vassily Barberopoulos to collaborate with the Board in coming up with a strategy to make the Federal Government reduce duties for manufacturers.
Pledging the active support of the Board in conjunction with the energy industry and citing executive order 003 as signed by the acting president which states that “if a product is made in Nigeria, it must be patronized and purchased by Nigerians” Wabote said that is one of the ways to grow the economy and provide jobs for the teeming youth population in Nigeria.
Impressed with company’s progress, the Wabote also advised the management to look into the packaging of their products, saying that it could also make their products more attractive.
Speaking earlier, Mr. Barberopoulos called the Executive Secretary to look into the cost of duties through the Ministry of Finance towards arriving at a favourable duty regime on imported raw materials.
Giving insight into some of the organization’s strengths, its diversification, and projections, the Chairman hinted that the firm has a fixed capacity to produce 24 million litres of paint, annually. And that it has become the one-stop-shop for oil and gas companies in Nigeria and within the West African sub-region that embark on “Asset Corrosion Integrity test” on their oil facilities.
Adding that in response to the roll back malaria initiative, the organization has developed a number of mosquito repellents products ranging from paints to sprays and liquid additives for clothes that can repel mosquitoes and that they are all ISO certified products and safe for human use.
Leading the inspection tour of the facility, the Vice Chairman/CEO, Mr. Mike Thompson, took the guests on the day to day operations of the facility. Conducting the guest round the manufacturing firm’s cutting-edge solutions, PCMN was discovered to be highly local content compliant with its staff predominantly Nigerians. Also, the Director, Marketing, Mr. Toyin Afolabi explained some of the challenges and gains of doing business in Nigeria, Afolabi, therefore, urged the NCDMB to intervene in the necessary areas to aid local businesses, especially manufacturing firms.
Drawing a comparison between the cost of producing goods locally and the cost of imported goods, Afolabi noted that high cost of production as the major part of the challenge local manufacturing businesses especially PCMN contend with and called on the Board to come to the rescue of local manufacturers.
The Executive Secretary and his team, as well as high ranking officials from the IOCs were conducted around the state of the art facility in Lagos and Engr. Wabote could not help but express his gladness regarding the modern equipment, organization and strict adherence to quality delivery found at the factory.