Nigerian Content Development and Monitoring Board (NCDMB) has said that it is expecting delegates from 18 countries, 140 financial institutions and 400 participants from around Africa during the Africa Local Content Investment Forum (ALCIF), which it would host in March 2022 in Lagos.

The Board said in a statement yesterday that the hosting of the 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.

The delegates are mostly from the African Petroleum Producers Association (APPO). Organizers say the event, which will hold at Eko Hotels and Suites, will provide a platform for African leaders in the oil and gas industry and financial sector, financial institutions, regulators, and regional bodies to meet and shape the future of the oil and gas industry in the continent.

The statement by the NCDMB corporate communications department said the event with the theme, “Developing a Pan African Strategy towards Sustainable Funding of Africa Oil and Gas Projects,” is being facilitated by the Heritage Times.

“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,” the statement said.

It quoted the executive secretary of NCDMB, Engr. Simbi Kesiye Wabote, saying that the Africa Local Content Investment Forum would seek to 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 the forum 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 and 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,” Wabote said.

He added that leading global financial institutions are also reducing or eliminating portfolio allocations to oil and gas projects. The Board had consistently provided guidance to several African countries on the implementation of local content policies in their jurisdictions.

Observers say the local content policy, which has been implemented successfully in the Nigerian oil and gas industry, offers one of the most appealing economic development models for a self-reliant and resilient African economy.

They also noted that the energy transition agenda is posing new challenges to Africa in its quest to develop without dependence on finance, technology, and manpower from other geographical locations.

Africa accounts for eight percent of the world’s hydrocarbon reserves, with an estimated 126.388 billion barrels equivalent. The continent contributes three percent of global gross domestic production 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 gross domestic product (GDP) contribution.

By Chibisi Ohakah, Abuja

[email protected]

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