NCDMB Backs Africa Energy Bank, Signals Fresh Push For Homegrown Energy Financing
Africa’s quest to fund its own energy future is gathering pace, and Nigeria is putting weight behind the momentum.
The Nigerian Content Development and Monitoring Board (NCDMB) has reaffirmed its strong backing for the African Petroleum Producers Organisation (APPO) and the newly established Africa Energy Bank (AEB), ahead of the bank’s formal launch by APPO and Afreximbank.
NCDMB Executive Secretary, Engr. Felix Omatsola Ogbe, gave the assurance in Abuja while receiving APPO’s new Secretary General, Farid Ghezali, who assumed office in January 2026.
The visit followed Nigeria’s handover of the fully set-up AEB office, clearing the way for the bank’s take-off.
Ogbe said NCDMB is ready to provide operational support for the bank’s launch, in line with the directives of President Bola Ahmed Tinubu and the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.
He stressed that the future of Africa’s oil and gas sector largely depends on the success of APPO and the AEB.
Ghezali sought sustained support from NCDMB, outlining reforms to boost transparency in APPO, timely financial contributions from member states, recruitment of new members and higher subscriptions.
He announced that Mauritania is expected to join APPO, widening the organisation’s continental reach.
He also called for transparent governance of the Africa Energy Bank, equal information for all APPO members, strict KYC standards and credibility checks to build a trusted, inclusive institution.
Both sides agreed to deepen capacity building, including launching an interactive platform in the first half of 2026 to showcase African-certified companies, and leveraging NCDMB’s Nigerian Content Academy for skills development across member states.
They also backed equitable project benefits, harmonised regulations, technical assistance, knowledge sharing and stronger regional markets under the AfCFTA framework.
Key outcomes included plans to circulate detailed roadmaps, improve financial discipline, follow up on outstanding member contributions and schedule a progress-tracking meeting.
A statement signed by the GM Corporate Communications Division, Dr Obinna Ezeobi, said the talks ended with renewed commitments to transparency and collaboration, positioning the Africa Energy Bank as a critical vehicle to close Africa’s long-standing energy financing gaps and drive sustainable development.
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