In furtherance to the quest to strengthen the capacity and capabilities of indigenous players in the oil and gas industry,
The Nigeria Content Development and Monitoring Board (NCDMB) said it is partnering with other stakeholders to set up the Africa Energy Bank to provide financial support to indigenous players in the oil and gas industry to boost their capacity.
Executive Secretary of the NCDMB, Felix Ogbe, disclosed this on Wednesday, at the board’s headquarters in Yenagoa, Bayelsa State at the opening of the 5th edition of Nigeria Oil and Gas Opportunity Fair (NOGOF) 2025.
The executive secretary who delivered the keynote address said that the bank with headquarters in Abuja, will become operational before the end of the second quarter of 2025.
Ogbe, who spoke on the theme of the fair: “Driving investment and production growth: Shaping a sustainable oil and gas industry through indigenous capacity development,’’ said the forum provides a strategic platform to share forward-looking insights, showcase upcoming projects, and deepen collaboration across the oil and gas value chain.
Describing the theme of the event as apt, the executive secretary said it coincides with the 15th anniversary of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010.
He said following the establishment of the board, a 10-year road map to deepen local participation and increase the participation of Nigerians in the oil and gas industry was outlined
“Today, we have moved from five percent in-country value retention in 2010 to 56 percent in December 2024.
“As the global energy landscape evolves, Nigeria must position itself as an attractive hydrocarbon investment destination and also as a beacon of sustainable development powered by local companies,” Ogbe stressed.
According to him, since the enactment of the NOGICD Act in 2010, the NCDMB has made remarkable progress in building the capability and capacity of Nigerians and of Nigerian companies, attracting critical investments in-country, and enhancing value retention.
He stated that a bid to revitalise Nigeria’s oil and gas sector, President Bola Tinubu signed three Executive Orders designed to leverage the nation’s resources and position Nigeria as the preferred investment destination for the oil and gas sector in Africa.
“What we do in the board has been further reiterated by President Bola Tinubu’s newly introduced ‘Nigeria First Policy’.
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“It is a bold, forward-thinking move for our Nigerian content drive. We must commend Mr. President for this laudable initiative.
Today, we are proud to say that Nigerian content has moved from aspiration to execution.
” From well-equipped, ISO certified fabrication yards in Port Harcourt, Warri, Lagos, to modular refineries in Imo and Delta States, and from pipe mills to marine vessel ownership, Nigerians are not just participating, they are delivering at the highest level,” the executive secretary maintained.
He, however, challenged local operators in the industry to exploit real opportunities that lie ahead.
“As we move towards rebalancing our economy and increasing oil and gas production, it is imperative that we deepen indigenous participation, not only in upstream services but across midstream and downstream operations,” Ogbe said.
