The Nigerian Content Development and Monitoring Board (NCDMB) is to establish a Local Content Bank of Nigeria, The Sun reports.

Executive Secretary of NCDMB, Mr. Simbi Wabote, gave the hint at a public hearing conducted by the Joint Senate Committee on Petroleum Upstream and Gas in Abuja yesterday, with the intent to determine the extent of compliance with the Nigerian Content Act and utilisation of the Nigerian Content Development Fund (NCDF).

The bank when set up will focus on establishment of facilities for domiciliation of services with emphasis on the optimal use of local resource inputs. On the NCDF, the Executive Secretary reported that international oil companies comply reasonably in remitting one percent of the value of their contracts but some service companies and indigenous operating firms default in their payment.