The Nigerian Content Development and Monitoring Board (NCDMB) announced that the Africa Energy Bank (AEB) will enhance funding opportunities for indigenous companies. Speaking at the NOGOF 2025 in Yenagoa, Executive Secretary Engr Felix Ogbe stated that the bank, headquartered in Abuja and expected to be operational by the end of Q2 2025, aims to support local companies and promote sustainable growth in Nigeria’s oil and gas industry.
At NCDMB, we are committed to developing policies, funding mechanisms, and partnerships to support Nigerian businesses. Engr Felix Ogbe announced the formation of the Africa Energy Bank with its headquarters in Abuja, aimed at boosting local industry participation. He urged International Oil Companies (IOCs) to actively engage local firms in accordance with legal provisions. Coinciding with the 15th anniversary of the NOGICD Act of 2010, Ogbe highlighted the board’s 10-year roadmap to increase Nigerian involvement in the industry, noting a rise in in-country value retention from 5% in 2010 to 56% in 2024. Since the act’s enactment, Nigeria has made significant progress in building local capacity, attracting investments, and enhancing value retention in the sector.
President Bola Tinubu’s “Nigeria First Policy” reinforces the NCDMB’s mandate, emphasizing deeper local participation and value retention in the oil and gas sector. The sale of onshore assets by International Oil Companies (IOCs) to indigenous firms marks a strategic move toward greater local involvement. NCDMB congratulated companies like Renaissance, Seplat, and Oando on their achievements, urging continued efforts in procurement, capacity building, knowledge transfer, and job creation.
Meanwhile, Gbenga Komolafe of the Nigerian Upstream Petroleum Regulatory Commission highlighted the importance of a stable, transparent regulatory environment to attract investment. He emphasized supporting indigenous capacity development through education and vocational training to foster local expertise and reduce reliance on foreign companies, aiming for a self-sustaining industry.