Business
SAIPEC 2026: NCDMB sets agenda for Africa’s local content future
The Nigerian Content Development and Monitoring Board has reinforced Nigeria’s leadership in Africa’s local content development, calling for deeper competitiveness, stronger supply chains and structured continental collaboration as key drivers of sustainable industrialization across the energy sector.
The call was made at the African Content Forum during the 10th edition of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) 2026, where the Board featured prominently across keynote sessions, policy panels and technical engagements focused on translating local content legislation into measurable economic impact.
Engr Omatsola Ogbe, ES, NCDMB
Delivering the keynote on behalf of the Executive Secretary of NCDMB, Engr Felix Omatsola Ogbe, the Acting Director, Project Certification and Authorization Dorectorate, and Special Technical Adviser to the Executive Secretary, Engr Austin Uzoka set the tone for the forum with a clear message: local content cannot thrive without strong, competitive supply chains.
He stressed that local content also depends on economic activity, noting that Final Investment Decisions (FIDs) are the lifeblood of indigenous participation. He noted that local content has its bedrock in supply chains and without a good supply chain, there is no good local content.
“Local content thrives where there is economic development. More FIDs mean more projects, more spend and more local content. If there are no FIDs, 100 per cent of zero is still zero,” Uzoka said.
He challenged stakeholders to commit to driving the local content narrative forward, leveragecapacity across borders and building transparency and trust among African countries to enable sustainable collaboration.
Addressing what he described as “the elephant in the room,” Uzoka warned that goodwill alone cannot attract capital to Africa.
“Capital will go precisely where the opportunities sit and where the economics fit. Africa must be competitive enough to attract capital — not as a goodwill measure,” he said.
The Director highlighted the importance of low-interest financing, policy clarity, streamlined licensing processes and access to credible data, pointing to successful examples such as fast-track licensing regimes and presidential-level sponsorship of local content policies. He also called for deliberate regional cooperation, urging African countries to share facilities, talent and databases.
“If Ghana has capacity, Nigeria can leverage; and if Nigeria has capacity, Ghana can leverage. But this must be built as a long-term relationship, not a one-off transaction,” he noted.
Speaking earlier at the forum, the Founder and Group Chief Executive Officer of Solewant Group, Solomon Ewanehi, reinforced the link between capacity building and national development, describing local content as one of Africa’s strongest industrialisation tools.
“A nation is built when its people can do the work. Capacity is not just training; it is an ecosystem of standards, technology, financing, governance and industrial discipline,” Ewanehi said.
Tracing Solewant’s growth journey, he credited Nigeria’s local content framework and NCDMB’s support for enabling indigenous companies to transition from marginal participation to full-scale manufacturing and service delivery.
“We are proud to be a product of NCDMB. Without Nigerian content, our six factories and specialised facilities would not have happened,” he said.
Ewanehi disclosed that Solewant operates across multiple value-chain segments, recently commissioned an automated pipe and coating plant and has expanded into Namibia. He also highlighted the Solewant Energy Training Institute, developed in collaboration with Nigerian universities, as a practical response to Africa’s skills gap.
Moderating the panel session, the Chief Executive Officer of Radial Circle, Mr Ranti Omole, described local content as a modern economic development tool.
“Local content today is not a slogan; it is a capacity governance tool and a value-addition enabler that grows gross domestic product,” Omole said.
The Chairman of the Petroleum Technology Association of Nigeria and CEO of Geoplex Limited, Engr Wole Ogunsanya, described Nigeria as Africa’s “poster boy” for local content, attributing the success to decades of advocacy and the Nigerian Oil and Gas Industry Content Development Act, 2010.
“That law ring-fenced opportunities for Nigerian companies and changed the trajectory of indigenous participation,” Ogunsanya said, noting that Nigerian service companies now employ thousands and contribute significantly to GDP.
In further discussions, the General Manager, Upstream Monitoring, NCDMB, Engr. Jefferson Tuatongha, outlined procurement reforms driven by presidential directives, including reducing contracting cycles to 180 days and prioritising capable indigenous companies.
“Our categorisation frameworks, joint qualification systems and Nigerian content certification processes are designed to build capacity, ensure quality and reduce costs,” Tuatongha said.
According to him, over 14,000 service providers and 120 operators are onboarded on NCDMB’s digital platforms, with an e-marketplace set to further enhance transparency and efficiency.
On financing, Tuatongha highlighted the $500m Nigerian Content Intervention Fund, offering single-digit interest rates; the $100m Nigerian Content Equity Investment Fund; and a $50m Women in Energy Fund.
“We are putting money where our mouth is — taking equity, supporting gas commercialisation, energy transition projects and regional expansion,” he said.
As discussions closed, NCDMB called for a clear roadmap beyond yearly conferences — one anchored on think tanks, shared databases, infrastructure development and sustained collaboration across Africa.
With strong participation across SAIPEC 2026 sessions, the board’s message was clear: Africa’s energy future will be built not just on resources, but on competitive local capacity, coordinated policy and shared continental ambition.
The desire to deepen access to international investors and capital markets has seen Oando Plc table a strategy to list its shares on one or more foreign stock exchanges before shareholders for approval.
The energy company’s proposal is contained in the agenda for its 47th Annual General Meeting (AGM), scheduled to be held virtually in September.
Under the special business before shareholders, the company is asking its shareholders to authorise its Board of Directors to approve and implement the listing of Oando’s shares on any foreign stock exchange or exchanges it considers suitable.
If approved, the resolution will empower the board to take all necessary steps, execute relevant documents and meet the listing requirements of the selected foreign market, subject to obtaining all required regulatory approvals.
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The firm said the proposed mandate was deliberately not tied to a particular foreign exchange, giving the directors the flexibility to determine the market or markets considered most appropriate for the company.
The move would ultimately widen access to Oando shares among international investors, improve the company’s visibility outside Nigeria and potentially increase its liquidity and market.
The proposed cross-border listing comes as Oando continues to position itself as an integrated energy company with operations and investments across different markets.
Shareholders will also consider a general mandate covering transactions with related parties and interested persons. The mandate would allow the company to obtain goods, services and financing from related parties for its normal business operations, provided such transactions are conducted on commercial terms and comply with its transfer pricing policy and applicable Nigerian regulations.
The meeting will also consider the ratification of qualifying related-party transactions entered into before the AGM.
In another major proposal, Oando plans to amend its articles of association to expressly allow general meetings to be held physically, electronically, virtually or through a combination of these arrangements, subject to applicable laws and the rights of shareholders to participate and vote.
The company is also seeking approval to amend its Memorandum of Association to expand its business objects to include activities relating to digital assets and digital representations of value, rights, interests, obligations and ownership.
To underline readiness for its Initial Public Offering (IPO) now in the offing, the Dangote Petroleum Refinery and Petrochemicals (DPRP) has secured a $1bn underwriting for the capital raising.
The programme, structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, comprises a completed and funded $600m private placement and a further $400m underwriting commitment in support of the refinery’s planned IPO.
This was detailed in a statement on Tuesday, in which the Dangote Group said that the $600m private placement has been underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group.
It added that Marob Strategies and Lilium Capital are now coordinating the distribution of the underwriting participation across Global Africa, engaging sovereign wealth funds, governments, institutional investors and other eligible investors.
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The response, according to the advisers, has been strong, reflecting growing institutional appetite for large-scale African assets capable of generating long-term economic value.
The programme is also expected to catalyse significant intra-African capital flows and help pave the way towards a more integrated African capital market under the auspices of the African Continental Free Trade Area (ACFTA).
President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, described the transaction as an important milestone for both the refinery and African capital markets.
“This is an important milestone for DPRP and for African capital markets,” Dangote said, adding that the transaction reflected confidence in the refinery’s strategic role and created a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa.
“The successful completion of the private placement, together with the $400m underwriting commitment provided by Pan-African Refinery Investment SPV in support of the planned IPO, reflects confidence in the refinery’s strategic role. The work undertaken by Marob Strategies and Lilium Capital has also created a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa,” he said.
Chairman of Marob Strategies, Prof Benedict Okey Oramah, said the transaction demonstrated the appetite for African-led capital markets transactions providing access to transformative assets on the continent.
“As Chairman, I am very proud of the work undertaken by the management team at Marob Strategies to bring this transaction to fruition. Marob Strategies is now focused on disciplined distribution across Global Africa and is engaging sovereign wealth funds, governments, institutional investors and other eligible investors.
“The level of interest confirms the appetite for African-led capital markets transactions that provide investors with access to transformative assets on the continent. The success of this transaction paves the way for many more such transactions in the future,” he said.
Also, Chairman of Lilium Capital Group, Simon Tiemtoré, described the mandate as part of the firm’s effort to connect major African opportunities with institutional investors across Global Africa and international markets.
“This mandate reflects Lilium Capital’s commitment to connecting world-class African opportunities with institutional investors across Global Africa and international markets.
“By mobilising long-term capital for strategic assets such as the Dangote Petroleum Refinery, we are supporting industrialisation, strengthening capital markets and contributing to sustainable economic growth across the continent.
“We are proud to support DPRP on this landmark transaction and look forward to mobilising capital for more transformative projects that create lasting value for Africa”, he said.
The Midstream and Downstream Gas Infrastructure Fund (MDGIF) is stepping up efforts to attract international capital for critical gas infrastructure projects as it seeks to help close Nigeria’s estimated $20 billion annual funding gap in the sector.
The Fund is expanding its collaboration with international financial institutions, including a $500 million agreement with the African Export-Import Bank (Afreximbank), as part of efforts to unlock fresh investment and accelerate the development of Nigeria’s vast gas resources.
Executive Director of the MDGIF, Mr. Oluwole Adama, said the gas infrastructure business remains highly capital-intensive and largely unattractive to conventional commercial lenders because of the long gestation periods and risks associated with such investments.
Adama disclosed this at a recent industry event in Abuja.
He said the Fund was nevertheless supporting about 200 gas infrastructure projects across the country as part of efforts to unlock Nigeria’s estimated 200 trillion cubic feet of gas reserves.
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Adama said the Fund had reached Final Investment Decisions (FID) on 31 projects and supported the construction of more than 200 pieces of gas infrastructure in the past 18 months.
According to him, 10 of the projects have already been commissioned, while another six to eight gas processing plants, as well as more than 50 CNG mother and daughter stations, are expected to be commissioned between October and December 2026.
Established under the Petroleum Industry Act (PIA) 2021, the MDGIF was created to de-risk investment in midstream and downstream gas infrastructure and catalyse private sector participation.
Adama said the Fund was deliberately adopting a different financing model by providing “patient capital through equity ownership rather than traditional loans or grants.”
He explained that the strategy was designed to make capital-intensive gas projects more bankable, particularly in an environment where high commercial lending rates make long-term infrastructure financing difficult.
He stressed that greater utilisation of gas was critical to Nigeria’s energy transition, noting that gas offers a cheaper alternative fuel for automobiles and has significant potential to meet other energy needs.
Also speaking at the event, Executive Director, Finance and Accounts, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Abiodun Adeniji, expressed optimism that the planned African Energy Bank would help address the financing challenges confronting the continent’s energy sector.
Adeniji said the bank could provide financing at rates closer to those available in international markets, rather than the double-digit interest rates typically charged by Nigerian commercial banks.
He also called for stronger funding support for the MDGIF, arguing that adequate capital would enable the Fund to play a more effective role in developing the country’s gas infrastructure.
The Fund’s intervention has already attracted significant capital into gas infrastructure projects. In May 2026, the MDGIF was reported to have committed more than N430 billion to gas infrastructure projects nationwide amid the Federal Government’s commissioning of four flagship Compressed Natural Gas (CNG) projects.
At the time, Hussaini Basaka, Director-in-Charge of Project Management at the MDGIF, said the Fund’s investment had helped catalyse substantially larger private sector investments.
“In ballpark terms, the MDGIF has invested over N430 billion and catalysed about ten times that amount, about N1.6 trillion, in investments,” Basaka said.
He disclosed that, for one of the projects in Abuja, the MDGIF took a 45 per cent equity stake through a substantial capital commitment.
Beyond infrastructure financing, the Federal Government has also introduced interventions aimed at accelerating the adoption of CNG as an alternative transport fuel.
In March 2025, the government launched a N2.5 billion credit scheme to support vehicle conversions to CNG and the local manufacturing of conversion kits.
The Presidential Compressed Natural Gas Initiative (PCNGi) said the scheme was designed to reduce transportation and energy costs, expand gas-based mobility and provide financial relief to Nigerians.
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