By Ali Elias
At the final panel of the African Local Content Forum during Africa Oil Week, held at Kempinski Hotel, Accra, Ghana, strategies to unlock affordable and sustainable funding for oil and gas businesses were front and centre, with stakeholders emphasising innovation, energy transition, and compliance with ESG (environmental, social, governance) standards. The session was moderated by Dr. Obinna Ezeobi, General Manager of Corporate Communications at the Nigerian Content Development and Monitoring Board (NCDMB), with panelists representing African nations including Nigeria, Angola, Namibia and others.
Panelists included Fateemah Mohammed, General Manager of the Nigerian Content Development Fund (NCDF); Bob Felix Ocitti of the African Energy Commission (AFREC); Funmi Ogbue, CEO of Jake Riley Ltd and Publicity Secretary of OGTAN; Artur Custodio from Angola Petroleum Regulator (ANPG); and Nillian N. Mulemi, CEO of Namibia’s Petroleum Training and Education Fund. The discussion tackled how African oil & gas firms can tap into financing sources that are both affordable and aligned with global expectations of transparency and sustainability.
During the session, Fateemah Mohammed showcased the NCDF model, arguing it has “grown capacities and capabilities in the Nigerian oil and gas industry” by supporting small contractors, smoothing access to credit, and integrating support for host community participation. Panelists also stressed that decarbonising operations and adhering to ESG regulations are not optional, but necessary for accessing foreign investment and international funding mechanisms.
Attendees explored innovative funding routes such as blended finance, concessional loans, public private partnerships, as well as local content intervention funds. Artur Custodio offered insight from Angola’s regulatory side, noting that regulatory certainty “makes or breaks investor confidence.” Meanwhile, Bob Felix Ocitti urged regional cooperation, saying that harmonising regulatory frameworks across African states can help reduce risk premiums, making projects more bankable.
Beyond financing, the forum also interrogated how oil and gas companies can reposition themselves: improving governance, transparency, environmental stewardship, and community engagement were repeatedly cited as factors that distinguish firms likely to succeed in the current investment climate.
This conversation ties into recent efforts by NCDMB beyond the Africa Oil Week panel. Earlier in 2025, the NCDMB launched a revamped version of its “Community Contractors Fund” under the Nigerian Content Intervention (NCI) Fund. The restructured scheme permits borrowing up to ₦100 million for verified community contractors, with simplified collateral terms and lower interest rates. The board also introduced wider involvement of Performing Financial Institutions (PFIs) to decentralise funding access.
An industry analyst present at the forum said that this shift in funding models signals a turning point: “If companies embrace ESG, local content, and transparent governance, Africa’s oil & gas sector could unlock major investment. But unless these reforms are enforced and not just preached, many firms will remain on the margins.”