The Nigerian Content Development and Monitoring Board (NCDMB) has announced plans to host the Africa Local Content Investment Forum (ALCIF) to foster sustainable funding of Africa oil and gas projects.
The forum is scheduled to hold in Lagos on March 7.
Speaking ahead of the forum, Mr Simbi Wabote, Executive Secretary, NCDMB, in a statement on Saturday said energy transition agenda was posing new challenges to Africa.
This, he said was in its quest to develop without dependence on finance, technology, and manpower from other geographical locations.
Wabote said the forum would provide a platform for African leaders in the oil and gas industry, financial sector, regulators, and regional bodies to meet and shape the industry’s future in Africa amidst energy transition realities.
Wabote stated that the forum would elevate Africa’s indigenous oil producers and national oil companies as the next generation of project producers involved in equity financing of exploration and field development activities.
He said it would also position Africa’s oil and gas service companies as funding blocks for research and development of technology required for exploration and production operations.
He further said that it would position Africa’s financial institutions as providers of debt financing for oil and gas projects.
“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.
“Leading global financial institutions are also reducing or eliminating portfolio allocations to oil and gas projects,” he said.
The Board’s sponsorship of the forum is in furtherance of the Nigerian Content 10-Year strategic Roadmap.
This, Wabote said had 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 further noted that the Board had consistently provided guidance to several African countries on the implementation of local content policies in their jurisdictions.
According to the organisers, the local content policy which has been implemented successfully in the Nigerian Oil and Gas Industry offers the most appealing economic development models for self-reliant and resilient African economy.
Africa accounts for eight per cent of the world’s hydrocarbon reserves, with an estimated 126.388 billion barrels equivalent.
The continent contributes three per cent of global Gross Domestic Production (GDP) despite having a population of over 1.373 billion people and being the second largest and second-most-populous continent on earth.
Analysts believe that the continent has the human resource base to leverage its hydrocarbon, minerals, and other natural resources to improve its GDP contribution.
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 First African Local Content Roundtable hosted by the Board in June 2021 at the NCDMB Towers in Yenagoa, Bayelsa State.
