By Els William
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has announced the upcoming launch of the Africa Energy Bank, with its headquarters to be located in Abuja.
Speaking at the opening of the 5th Nigerian Oil and Gas Opportunity Fair (NOGOF) 2025, Ogbe described the initiative as a key step in bridging the funding gap for indigenous oil and gas companies in Africa.
“I am happy to announce that the Board, alongside other stakeholders, recently formed the Africa Energy Bank with the proposed headquarters in Abuja,” Ogbe said. “The Bank will be open for business before the end of the second quarter in 2025.”
The Africa Energy Bank is designed to support local operators by providing capital for projects that might otherwise struggle to attract traditional financing. According to Ogbe, the move reflects NCDMB’s broader strategy to ensure indigenous firms are not just participating in the industry but thriving.
“We remain unwavering in our commitment to creating the right policies, providing funding mechanisms, and partnerships to support Nigerian businesses,” he said.
The announcement comes at a time when Nigeria is pushing to expand indigenous participation across the oil and gas value chain. Since the enactment of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act in 2010, in-country value retention has grown from 5% to 56% as of December 2024.
Ogbe stressed that the Energy Bank is not just a financial institution, but a signal of Nigeria’s intent to lead on the continent.
“No nation achieves energy security or industrial prosperity by outsourcing its core capabilities,” he stated. “Our strength must lie in the expertise of our people, the enterprise of our local businesses, and the robustness of our institutions.”
Ogbe also reaffirmed the Board’s ongoing efforts to foster innovation, including initiatives like the NOGTECH Hackathon and local capacity-building programmes.
“The real opportunity lies ahead. As we move towards rebalancing our economy and increasing production, it is imperative that we deepen indigenous participation—not only in upstream services but also across midstream and downstream operations,” he said.
The establishment of the Africa Energy Bank aligns with President Bola Tinubu’s Executive Orders aimed at revitalizing the oil and gas sector, and the new “Nigeria First Policy,” which Ogbe described as “a bold, forward-thinking move” for local content development.
He concluded with a message to international partners and local players alike:
“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.”