NCDMB Opens Africa Energy Bank To Fund Local Companies In Oil and Gas
The Nigerian Content Development and Monitoring Board (NCDMB) says it has partnered with other stakeholders in the sector to form Africa Energy Bank in order to create more funding availability for local companies in the energy sector. Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, who disclosed this during the ongoing Nigerian Oil and Gas […]
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The Nigerian Content Development and Monitoring Board (NCDMB) says it has partnered with other stakeholders in the sector to form Africa Energy Bank in order to create more funding availability for local companies in the energy sector.
Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, who disclosed this during the ongoing Nigerian Oil and Gas Opportunity Fair (NOGOF) 2025 holding at the Nigerian Content Tower in Yenagoa, Bayelsa State capital, said the bank will be open for business at the end of the second quarter of 2025 with its headquarters in Abuja, explaining that it will help boost local companies’ participation in the Oil and Gas sector.
He said the board’s efforts have deepened local participation and increased the participation of Nigerians in the activities of the Oil and Gas industry from 5% in-country value retention in 2010 to 56% in December 2024.
Speaking on the theme of the 2025 NOGOF, “Driving Investment and Production Growth: Shaping a sustainable Oil and Gas Industry through Indigenous Capacity Development,” Ogbe said the board is also fostering innovation through the Nigerian Oil and Gas Technology (NOGTECH) Hackathon and incubating new ideas that will drive digital transformation and sustainability.
He said: “Let me also emphasise that NOGOF itself is a key part of our strategy providing stakeholders early visibility of upcoming projects. Visibility begets preparedness and preparedness begets participation.
“To our international partners, Nigeria is open for business. But more importantly, Nigeria is ready to do business in a way that shares value fairly, builds local ecosystems, and creates jobs for our youth.
“To our indigenous players, step up. The opportunities are vast, but so is the responsibility. Providing mentorship to younger generations is key and very important. Additionally, embrace global standards, invest in capacity building, form strategic alliances, and aim to compete not just in Nigeria but across Africa and beyond.
“And to all stakeholders, let us commit to one shared goal: building a sustainable oil and gas industry anchored on Nigerian capability, innovation, and resilience.
“Following the establishment of the board, we created a 10-year road map to deepen local participation and increase the participation of Nigerians in the activities of the oil and gas industry. Today, we have moved from 5% in-country value retention in 2010 to 56% in December 2024.”
Also speaking, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said the theme of the NOGOF is to drive for increased investment, which is critical to unlocking new exploration, reviving dormant assets, and modernising infrastructure across the Oil and Gas value chain.
He added that the imperative of boosting crude oil production to stabilise the nation’s economy, strengthen reserves, and enhance energy security; and to ensure the strategic focus on indigenous capacity development, ensuring that Nigerian expertise, enterprises, and innovations are central to the sector’s growth.