Senator Natasha Akpoti-Uduaghan, Chair of the Senate Committee on Local Content, has called on the Bank of Industry (BoI) to explain its use of the $300 million Access fund designated to promote local content in the oil and gas sector. This demand was made during a meeting with officials from the Industrial Training Fund (ITF) and BoI to enhance capacity building and collaboration.
The meeting aimed to boost synergy between government agencies and maximize impact on Nigerian beneficiaries, according to a statement by the Chief Press Secretary to the Kogi Central Senator, Arogbonlo Israel. Senator Akpoti-Uduaghan stressed the need for joint efforts to promote local content, particularly in the oil and gas sector. She requested updates on the agencies' activities, training programs, and performance reports, as well as a breakdown of the fund’s utilization and the number of Nigerians who have benefited from it.
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BoI representatives clarified that the agency is funded by Nigerian private sector funds but managed by the government, with an annual project budget of $617.7 million. They highlighted programs such as YES-P, GEEP, and iDICE, which aim to address youth unemployment, provide financial assistance to small businesses, and build capacity in technology and creativity among Nigerian youth. They also assured Senator Akpoti-Uduaghan of their commitment to include physically challenged persons in their programs.
The senator also expressed dissatisfaction with the stipend given to students under the Students Industrial Work Experience Scheme (SIWES) and called for better synergy between organizations and the ITF to ensure student acceptance. She urged for a policy to compel organizations to accommodate a minimum number of SIWES students and supported digitizing the program. ITF officials highlighted their training and empowerment programs and called for support to enforce government agencies to patronize ITF for employee training.
