THE NIGERIAN Content Development and Monitoring Board (NCDMB) has announced that the forthcoming Africa Energy Bank (AEB) will significantly improve funding accessibility for indigenous companies in the oil and gas sector.
Mr. Felix Ogbe, Executive Secretary of NCDMB, made this declaration on Wednesday in Yenagoa during the fifth edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF 2025).
The event, themed “Driving Investment and Production Growth: Shaping a Sustainable Oil and Gas Industry through Indigenous Capacity Development,” coincides with the 15th anniversary of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act of 2010.
Mr. Ogbe confirmed that the Africa Energy Bank, set to commence operations before the end of the second quarter of 2025 with its proposed headquarters in Abuja, is expected to bolster financial support for local enterprises.
“At NCDMB, we remain steadfast in our commitment to formulating appropriate policies, establishing funding mechanisms, and fostering partnerships to strengthen Nigerian businesses,” he stated. “I am pleased to announce that the Board, in collaboration with key stakeholders, has successfully established the Africa Energy Bank.”
The Executive Secretary urged International Oil Companies (IOCs) to proactively engage indigenous firms in compliance with statutory provisions.
He highlighted the Board’s achievements since the enactment of the NOGICD Act, noting that in-country value retention had risen from 5% in 2010 to 56% by December 2024.
“Since the NOGICD Act came into effect, we have recorded significant progress in enhancing the capabilities of Nigerian companies, attracting vital domestic investments, and improving value retention,” he remarked.
Mr. Ogbe further emphasized that President Bola Tinubu’s newly introduced “Nigeria First Policy” reinforces the Board’s mandate, describing it as a decisive step toward advancing local content.
He commended indigenous firms such as Renaissance, Seplat, and Oando for their landmark acquisitions of onshore assets from IOCs, urging continued collaboration in procurement, capacity building, and knowledge transfer.
In a related address, Mr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), underscored the importance of a stable, transparent, and predictable regulatory environment to attract both local and foreign investments. Represented by Captain John Tonlagha, Executive Commissioner for Health, Safety, Environment, and Community (HSEC), Mr. Komolafe reiterated the Commission’s commitment to fostering indigenous expertise through specialized training and vocational programmes.
“Our mission is to drive investment and production growth by empowering local talent, reducing reliance on foreign firms, and cultivating a self-sufficient industry,” he affirmed.
The event served as a platform to reinforce the sector’s dedication to sustainable development through enhanced indigenous participation. (NAN)
