NCDMB to host Africa local content investment forum

The Nigerian Content Development and Monitoring Board (NCDMB) has announced plans to host the Africa Local Content Investment Forum (ALCIF) in Lagos.

The event is expected to provide a platform for African leaders in the oil and gas industry, financial sector, regulators, and regional bodies to meet and shape the future of the oil and gas industry in the continent amidst energy transition realities.

Speaking ahead of the event, the Executive Secretary NCDMB, Engr Simbi Wabote, stated that the Africa Local Content Investment Forum seeks to elevate Africa’s indigenous oil producers and national oil companies as the next generation of project producers involved in the equity financing of exploration and field development activities.

Also, he said the forum would position Africa’s oil and gas service companies as funding blocks for research and development of technology required for exploration and production operations and further position Africa’s financial institutions as providers of debt financing for oil and gas projects.

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He said: “The ongoing global energy transition is driving most international oil companies (IOCs) to declare commitments to reduce carbon emissions thereby scaling down investments in hydrocarbons development in favour of expanding renewable portfolios.”

Expected at the event are delegates from 18 countries – mostly from the African Petroleum Producers Association (APPO), 140 financial institutions, and 400 participants from around Africa.

The event is being facilitated by the Heritage Times and has its theme as “Developing a Pan African Strategy towards Sustainable Funding of Africa Oil and Gas Projects.”

The ALCIF is a sequel to the 1st African Local Content Roundtable hosted by the Board in June 2021 at the NCDMB Towers in Yenagoa, Bayelsa State.

According to Wabote, the Board’s sponsorship of the Africa Local Content Investment Forum (ALCIF) is in furtherance of the Nigerian Content 10-Year Strategic Roadmap, which has a key aspiration to promote Local Content across the African continent and ensure access to market for oil and gas capacities that have been developed locally.

He said the Board had consistently provided guidance to several African countries on the implementation of local content policies in their jurisdictions.