The Nigerian Content Development and Monitoring Board (NCDMB) has called for the establishment of an African bank to facilitate financing of local content development and hydrocarbon-related projects on the continent.
The Executive Secretary of NCDMB, Mr Simbi Wabote, made the call in his address at the 1st African Local Content Roundtable jointly organised by the NCDMB and the African Petroleum Producers Organization (APPO) in Yenagoa, the Bayelsa State capital city.
He emphasized the need for oil and gas-producing countries in Africa to prioritize research and development to promote local content and fast-track quality growth and development of African economies.
He explained that the establishment of such a bank would ensure the sustenance of local content policies, close funding gaps and eliminate disappointments usually encountered in hydrocarbon-related projects when some banks stop funding projects after signing contract papers.
Wabote said: “There is urgent need for us to establish an African bank that will focus on local content development within Africa.
“These funds can also be utilised to back the financing of infrastructural projects in support of production and evacuation of oil and gas products for use by African countries.”
The NCDMB boss, who described research and development as “very vital”, explained that “local content thrives where there is robust research and development focus to drive development of home-grown technology.”
He also explained that the roundtable was held to provide a platform for oil and gas-producing countries in Africa to discuss the implementation and deepening of local content.
