NCDMB Pledges Long-Term Backing for African Oil Group and New Energy Bank

The Nigerian Content Development and Monitoring Board (NCDMB) has promised its continued support to the African Petroleum Producers Organization (APPO) and the planned Africa Energy Bank. The pledge was made by NCDMB's Executive Secretary, Felix Omatsola Ogbe, during a meeting in Abuja on Thursday. He met with APPO's new Secretary General, Farid Ghezali. The Africa Energy Bank is a proposed institution. It is designed to finance oil, gas, and energy projects across Africa. Ogbe stated that NCDMB will support both APPO and the bank. He emphasized that this aligns with Nigeria's role as a key member of the organization. The NCDMB is the government agency responsible for developing Nigerian businesses in the oil and gas sector. The new bank aims to ensure African countries can fund their own energy projects. This is critical as international lenders reduce investments in fossil fuel developments.