Ukoha: NCDMB, BoI partnership, strategies to support small scale industries

The Acting Director, Finance and Personnel Management at the Nigerian Content Development and Monitoring Board, Ifeanyi Ukoha, has revealed the board's strategic partnership with the Bank of Industry (BoI) to explore financial strategies aimed at supporting small scale industries and scaling local content implementation. Speaking to CNBC Africa at this year's Practical Nigerian Content Forum, Ukoha emphasized the importance of government intervention through deliberate funding and fiscal policies to bolster key sectors of the economy. Ukoha highlighted the significance of corporate governance structures in attracting the confidence of banks and financial institutions to invest in emerging sectors. Drawing parallels with countries like China, he urged the Nigerian government to designate priority sectors for development, enabling access to funding and favorable fiscal regulations. Despite the limitations faced by financial institutions like BoI due to multilateral funding constraints, Ukoha stressed the critical need for sustained government support to drive sectoral growth. Addressing regulatory frameworks, Ukoha emphasized the role of the NCDMB in leveraging policies such as the Petroleum Industry Act (PIA) to facilitate investment and address funding gaps in the oil and gas manufacturing sector. By collaborating with institutions like BoI and Nexin Bank, NCDMB has implemented matching fund schemes to incentivize lending and support local manufacturers. Ukoha underscored the significance of the PIA's host community fund in fostering inclusive development and reiterated the importance of government collaboration in shaping fiscal policies to uplift marginalized communities and drive industry growth. The strategic partnership between NCDMB and BoI represents a pivotal step towards fostering financial inclusion and supporting small scale industries in Nigeria's rapidly evolving economic landscape. By aligning funding initiatives with regulatory frameworks like the PIA, stakeholders aim to catalyze growth, promote local content development, and enhance the competitiveness of the oil and gas sector.