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African Energy Chamber Launches New Energy Jobs Portal

The platform will assist local and international companies in attracting local talent across 30 different skills set in the oil & gas, power and renewable energy sectors

The African Energy Chamber says it has launched a free-of-access jobs portal “in order to maximize the saving of local jobs and assist in the recovery of African energy markets after the COVID-19 crisis,”.

The Chamber says the portal it created with its partners is  for trained and qualified African workforce. “The collaborative platform is accessible at www.EnergyChamber.org/jobs and relays the latest jobs opportunities for Africans across the continent’s energy markets”.

The platform will assist local and international companies in attracting local talent across 30 different skills set in the oil & gas, power and renewable energy sectors. All energy companies operating in Africa are able to post their job offers for free, and these will be relayed on the platform and via the Chamber’s communications channels after approval by the Chamber’s admin and team. The jobs portal will be operated and maintained by the African Energy Chamber in order to avoid all fraud and guarantee the credibility of the offers available.

“Local content has always been the number one priority of the African Energy Chamber when advocating for an energy industry that works for Africans and builds truly sustainable business models. With this new platform, we are getting rid of a lot of entry barriers set on the job market by expensive recruitment agencies. This initiative of the Chamber is non lucrative and we encourage all African and international companies to work with us on boosting local jobs creation to support the recovery of our industry and build true sustainability,” declared Nj Ayuk, Executive Chairman at the African Energy Chamber.


Nigeria Increases Intervention Fund for Local Content Financing

The Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) has approved the expansion of the Nigerian Content Intervention Fund from $200Million to $350Million.

The enlargement of the Fund by $150Million was part of the decisions taken at the recent NCDMB Governing Council meeting, which held virtually on June 16, 2020. The meeting was chaired by Timipre Sylva, the country’s Minister of State for Petroleum Resources and Chairman of the Council.

The Council approved that $100Million from the additional funds would be deployed to boost the five existing loan products of the NCI Fund, which include manufacturing, asset acquisition, contract financing, loan refinancing and community contractor financing.

The Council also approved that $20Million and $30Million respectively should be deployed to two newly developed loan product types – the Intervention Fund for Women in Oil & Gas and PETAN Products, which include Working Capital loans and Capacity Building loans for PETAN member companies.

PETAN is Petroleum Technology Association of Nigeria, a body of Nigerian owned oil service engineering contracting firms.

The NCI Fund was instituted in 2017 as a $200Million Fund managed by the Bank of Industry (BoI), engaged to facilitate on-lending to qualified stakeholders in the Nigerian Oil and Gas industry on five loan product types. The NCI Fund is a portion of the Nigerian Content Development Fund (NCDF), aggregated from the one percent deduction from the value of contracts executed in the upstream sector of the oil and gas industry. About 94 percent of the NCI Funds has been disbursed to 27 beneficiaries as at May 2020.  NCDMB has received new applications from 100 companies for nearly triple the size of the original fund.

Guidelines for the NCI Fund provide that beneficiaries of the Manufacturing Loan and Asset acquisition Loan can access a maximum of $10Million respectively. Beneficiaries of Contract finance Loan can access $5Million while beneficiaries of the Loan Re-financing package can access $10Million, with beneficiaries of the Community Contractor Finance Scheme limited to ₦20Million.

The maximum tenure for all loan types is 5 years and applicants cannot have two different loans running simultaneously.

At the onset of the Fund, the applicable interest rate for the various loan types was pegged at eight (8) percent, except the Community Contractor Finance Scheme, which was five (5) percent.

However in April 2020 as part of NCDMB’s response to mitigate economic impact of the coronavirus pandemic, the Governing Council approved reduction of the interest rate from eight (8) to six (6) percent per annum for all four of the loan products. The Board also extended the moratorium for all loan products.

 

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