Africa Energy Bank to Create Funding Availability for Indigenous Coys
The Nigerian Content Development and Monitoring Board (NCDMB) says the Africa Energy Bank (AEB) will create more funding availability for indigenous companies.
Mr Felix Ogbe, Executive Secretary, NCDMB said this on Wednesday in Yenagoa at the ongoing fifth edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF 2025).
The fair has its theme as ‘’Driving Investment and Production Growth: Shaping a sustainable Oil and Gas Industry through Indigenous Capacity Development.’’
The Africa Energy Bank, with its proposed Headquarters in Abuja will be open for business before the end of the second quarter in 2025. The NCDMB boss, however expressed hope that the bank would create more funding availability for local companies in the sector.
“At NCDMB, we remain unwavering in our commitment to creating the right policies, providing funding mechanisms, and partnerships to support Nigerian businesses.
“I am happy to announce that the Board alongside other stakeholders recently formed the Africa Energy Bank with the proposed Headquarters in Abuja,” he said.
The executive secretary encouraged the International Oil Companies (IOCs) to make conscious effort to engage local companies in line with the provisions of its laws.
However, the NOGOF 2025 edition coincides with the 15th year anniversary of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.
He said following the establishment of the Board, it created a 10 years road map to deepen local participation and increase the participation of Nigerians in the activities of the oil and gas industry. On this note, he said it had moved from five per cent in-country value retention in 2010 to 56 per cent in December 2024.
“Since the enactment of the NOGICD Act in 2010, we have made remarkable progress in building the capability and capacity of Nigerians and of Nigerian companies, attracting critical investments in-country, and enhancing value retention,” he said.
He said the Board’s mandate had been further reiterated by President Bola Tinubu’s newly introduced “Nigeria First Policy,” a “bold, forward-thinking move” for the Nigerian Content drive.
He described the sale of onshore assets by the IOCs to indigenous companies as a bold step and strategic shift towards deeper local participation and value retention.
He congratulated Renaissance, Seplat, Oando and all our indigenous companies on their milestone achievements, and encouraged them not to relent.
“We must sustain the momentum, and come together to support this local content stride in terms of procurement, capacity building, knowledge transfer, job creation and mentorship for upcoming investors,” he said.
In an address, Mr Gbenga Komolafe, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said attracting both local and foreign investment required concerted efforts to create an enabling environment characterised by stability, transparency, and regulatory certainty.
Komolafe, represented by Captain John Tonlagha, Executive Commissioner, Health, Safety, Environment and Community (HSEC) said its mission in promoting sustainable value creation was geared towards: driving investment and production growth by supporting indigenous capacity development and empowering local talent.
“The commission works towards fostering local expertise, achieving a reduction in our dependency on foreign companies and creating a robust, self-sustaining industry.
“Educating and training to create indigenous capacity is very crucial, hence investment in specialised education programmes and vocational training tailored to the needs of the oil and gas industry,” he said. #Africa Energy Bank to Create Funding Availability for Indigenous Coys#
