– Pushes for easier gas equipment financing
Mkpoikana Udoma
Port Harcourt — The Nigerian Content Development and Monitoring Board, NCDMB, has restated Nigeria’s firm commitment to the establishment of the Africa Energy Bank, AEB, pledging continued support to enhance access to funding and ease of procurement for gas industry equipment and technologies across the continent.
Speaking at the 2nd EMOGAS International Natural Gas-Based Industry Conference and Exhibition in Abuja, the General Manager, Midstream Division, NCDMB, Mrs. Lekoma Sonia Phimia, highlighted Nigeria’s $100 million capital commitment to the AEB as a demonstration of leadership in regional energy financing.
Phimia, who represented the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, explained that the AEB, once operational, will transform the financing landscape for energy projects across the continent, reducing dependence on foreign credit lines and fostering local capacity development
“The Nigerian government, through NCDMB, remains a key driver of the Africa Energy Bank project. Our $100 million capital pledge underscores our dedication to providing African solutions to African energy challenges, by improving financing access and streamlining equipment procurement for gas-based industries.”.
Phimia also cited the Board’s successful management of the Nigerian Content Development Fund, NCDF, which has so far disbursed over $300 million to indigenous oil and gas companies.
“The NCDF experience proves that when funding meets transparency and purpose, industrial growth follows naturally,” she said.
According to her, NCDMB’s ongoing reforms, such as the Nigerian Content Contracting Cycle and the Nigerian Content Equipment Certification, NCEC, initiative have simplified procurement processes, enhanced local manufacturing, and promoted cost efficiency across the value chain.
“Access to finance and efficient procurement systems are the twin engines of industrial growth. The African Energy Bank must not only exist in structure but in substance, unlocking access to financing, easing procurement, and promoting industrial capacity across Africa.”
The NCDMB, she added, remains committed to driving gas-based industrialization, supporting local manufacturing of energy infrastructure, and fostering cross-border collaboration for energy independence.
“Nigeria’s gas strategy is not just about energy supply, it’s about economic transformation,” Phimia said. “By aligning with Africa’s collective financing vision, we are ensuring that African energy development is driven, funded, and sustained by Africans.”
The two-day EMOGAS conference, themed “The Strategic Role of Africa’s Energy Banks and Governments Towards Easier Procurement of Natural Gas Industry Equipment and Technologies,” brought together stakeholders from government, finance, and industry to discuss innovative funding models for Africa’s gas industrialization drive.
