The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Felix Omatsola Ogbe, has stated that the soon-to-launch Africa Energy Bank (AEB) will provide increased funding access for indigenous oil and gas companies.
Speaking at the fifth edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF 2025) in Yenagoa, Bayelsa State, Ogbe emphasized the need for Nigeria to position itself as a top investment destination in hydrocarbons.
“The Board, alongside other stakeholders, recently formed the Africa Energy Bank with the proposed headquarters in Abuja. It will be open for business before the end of the second quarter in 2025,” Ogbe announced.
He stressed that the AEB will significantly ease capital constraints faced by local firms:“At NCDMB, we remain unwavering in our commitment to creating the right policies, providing funding mechanisms, and partnerships to support Nigerian businesses.”
The conference, 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.
Ogbe highlighted the progress made since the Act’s passage in 2010, revealing that in-country value retention had grown from 5% to 56% as of December 2024.“We have made remarkable progress in building the capability and capacity of Nigerians and Nigerian companies,” he said.
He praised the acquisition of onshore assets by firms like Seplat, Oando, and Renaissance, calling it a bold step toward greater local participation:
“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.”Also speaking, Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), emphasized the importance of a stable, transparent, and predictable environment for attracting both local and foreign investment.
“Creating indigenous capacity is very crucial,” Komolafe said, calling for continued investment in education and training tailored to industry needs.
The Africa Energy Bank is expected to be a game changer, enhancing financing opportunities and deepening local capacity in Nigeria’s oil and gas industry.
