The Nigerian Content Development and Monitoring Board (NCDMB) has announced a strategic partnership with other key stakeholders to establish the Africa Energy Bank, a new financial institution aimed at expanding access to funding for local companies operating in the continent’s energy sector. The bank is expected to begin operations by the end of the second quarter of 2025, with its headquarters in Abuja.+
This announcement was made by the Executive Secretary of the NCDMB during the ongoing Nigerian Oil and Gas Opportunity Fair (NOGOF) 2025 in Yenagoa, Bayelsa State. He said the bank will play a crucial role in enabling local firms to participate more meaningfully in oil and gas projects, thereby strengthening indigenous ownership and control within the sector.
He noted that the board’s long-term efforts have significantly increased local participation, with in-country value retention rising from just 5 percent in 2010 to 56 percent as of December 2024. Highlighting the theme of this year’s NOGOF, *Driving Investment and Production Growth: Shaping a Sustainable Oil and Gas Industry through Indigenous Capacity Development*, he stated that transparency and early access to information through platforms like NOGOF help prepare local players for upcoming opportunities.
The NCDMB also pointed to initiatives like the NOGTECH Hackathon as examples of how it is supporting innovation and nurturing technologies that can drive digital transformation and sustainability in the industry.
To international partners, the board reaffirmed Nigeria’s openness to business, but with a renewed focus on partnerships that fairly distribute value, strengthen local supply chains, and generate employment for Nigerian youth. Indigenous players were urged to rise to the occasion by embracing global best practices, investing in capacity development, forming strategic alliances, and positioning themselves competitively not just in Nigeria but across the African continent.
The board reiterated its commitment to its 10-year roadmap launched after its establishment, which was designed to boost Nigerian content in the sector. With progress already visible in the form of increased local value retention, it called on all stakeholders to unite around a shared goal of building a sustainable oil and gas industry powered by Nigerian innovation, capacity, and resilience.
Also addressing the forum, the Minister of State for Petroleum Resources (Oil) said the focus on investment is essential to reviving dormant assets, modernising industry infrastructure, and boosting crude oil production. He stressed that increased production is vital not only to stabilising the nation’s economy but also to enhancing reserves and ensuring energy security, all while keeping Nigerian expertise and enterprise at the centre of sector growth.
