The Nigerian Content Development and Monitoring Board (NCDMB) has announced its collaboration with various stakeholders to establish the Africa Energy Bank, aiming to enhance funding opportunities for local energy sector companies.
Engr Felix Omatsola Ogbe, the Executive Secretary of NCDMB, announced during the ongoing Nigerian Oil and Gas Opportunity Fair (NOGOF) 2025 at the Nigerian Content Tower in Yenagoa, Bayelsa State capital, that the bank will commence operations at the end of Q2 2025 with its headquarters in Abuja. He explained that it will enhance local companies’ involvement in the Oil and Gas sector.
He stated that the board’s initiatives have intensified local involvement and raised the percentage of Nigerians engaged in Oil and Gas industry activities from a 2010 figure of 5% in-country value retention to 56% by December 2024.
Ogbe, addressing the theme of the 2025 NOGOF, “Driving Investment and Production Growth: Shaping a sustainable Oil and Gas Industry through Indigenous Capacity Development,” mentioned that the board is promoting innovation via the Nigerian Oil and Gas Technology (NOGTECH) Hackathon and nurturing new concepts aimed at advancing digital transformation and sustainability.
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