Nigeria launches a $100 million fund to support oil industry

Local operators have difficulties in obtaining borrowed funds for their operations. 20.Jul.16 11:52 PM By Alesya Davydova Photo Toinnov.com    334

Nigerian government has launched a $100 million fund to secure the credit that the oil industry of the country needs. As Oilprice.com explains, a new Nigerian Content Intervention Fund is to substitute for the Nigeria Content Development Fund, which was launched in 2012. The government took a decision to set up a new fund in response to Nigerian oil industry needs. Earlier top local crude players claimed that they have difficulties in obtaining borrowed funds for their operations. Moreover, local authorities are interested in increasing the number of job places, that oil companies will create with the help if the fund money. Nigerian oil industry is suffering a lasting crisis pushed by falling crude prices and a series of attacks on the countries oil production and transport infrastructure. The groups responsible for the attacks have said that they aim at redirecting state oil revenues from the capital to the region of the Niger Delta.

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