Africa Energy Bank to Boost Funding Access for Indigenous Oil Firms – NCDMB
The Nigerian Content Development and Monitoring Board (NCDMB) has said the upcoming Africa Energy Bank (AEB) will significantly expand funding opportunities for indigenous oil and gas companies amid a rapidly evolving global energy landscape.
Speaking at the 2025 Nigerian Oil and Gas Opportunity Fair (NOGOF), held in Yenagoa, Bayelsa State, NCDMB Executive Secretary, Felix Omatsola Ogbe, emphasized the need for Nigeria to position itself as a preferred destination for hydrocarbon investments while promoting sustainable development driven by local firms.
“The Africa Energy Bank, which will have its headquarters in Abuja, is expected to be operational before the end of Q2 2025. It will provide much-needed capital access to indigenous companies and help transform our energy landscape,” Ogbe said.
Strengthening Nigerian Content and Local Capacity
Ogbe reaffirmed the Board’s commitment to creating enabling policies and funding mechanisms to support Nigerian companies.
“Since the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act in 2010, we have seen Nigerian content grow from just 5% to 56% by December 2024. This progress reflects our resolve to retain more value within the country,” he noted.
This year’s NOGOF coincides with the 15th anniversary of the NOGICD Act, and Ogbe highlighted key milestones, including the creation of a 10-year strategic roadmap to deepen local participation in oil and gas operations.
The NCDMB boss praised the Federal Government’s new “Nigeria First Policy”, calling it a “bold and forward-thinking” initiative to reinforce local content development. He also commended indigenous firms such as Renaissance, Seplat, and Oando for acquiring onshore assets from International Oil Companies (IOCs), describing the move as a strategic shift towards stronger local ownership and value retention.
“These are milestone achievements that must be celebrated. But more importantly, we must build on them — through mentorship, capacity building, and procurement support — to empower the next generation of Nigerian energy leaders,” he stated.
Related Posts
Regulatory Support and Investment Climate
Also speaking at the fair, Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, represented by John Tonlagha, Executive Commissioner for Health, Safety, Environment, and Community (HSEC), reiterated the importance of creating an investment-friendly ecosystem.
“To attract both local and international investments, Nigeria must prioritize regulatory certainty, transparency, and stability. Developing local expertise through specialised training and education is equally critical,” Tonlagha said.
He added that the NUPRC remains committed to reducing dependence on foreign services and building a self-sustaining oil and gas industry powered by homegrown talent and innovation.
