- Lokpobiri Warns of Potential Energy Crisis, Calls for Massive Oil and Gas Investment
- The signing of a Memorandum of Understanding between the NCDMB and the Bank of Industry was highlight of the event
- Ogbe described the equity scheme as a landmark initiative
Minister of State for Petroleum Resources Oil Sen Heineken Lokpobiri says Nigeria must attract a significant portion of the seven hundred billion dollars global investment target needed to prevent a future energy crisis.
Eko Hot Blog reports that Lokpobiri made the statement in Yenagoa Bayelsa State during the Practical Nigerian Content Forum organised by the Nigerian Content Development and Monitoring Board.
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The summit was themed Securing Investments Strengthening Local Content and Securing Energy Production.
According to the minister, global attention has shifted from energy transition and net zero discourse back to investment in fossil fuel. He cited the United Nations 2029 outlook which indicates that the world must invest at least seven hundred billion dollars to avert an energy crisis. He urged Nigeria to take advantage of the current momentum in the oil and gas sector and draw as much investment as possible.
A major highlight of the event was the signing of a Memorandum of Understanding between the NCDMB and the Bank of Industry for the one hundred million dollar Nigerian Content Intervention Fund Equity Scheme. The Executive Secretary of the NCDMB Engr Felix Ogbe signed on behalf of the Board while the Managing Director of the Bank of Industry Dr Olasupo Olusi signed for the bank.
Ogbe described the equity scheme as a landmark initiative aimed at providing affordable financing options for local players in the energy sector. He said the scheme would offer equity funding to high growth indigenous energy service firms while diversifying the income base of the Nigerian Content Development Fund and further strengthening local capacity.
Delivering his goodwill message after the signing ceremony Olusi said the partnership represented a major expansion of the long standing collaboration between both institutions. He explained that the fund would deploy equity and quasi equity capital to promising Nigerian companies and complement traditional debt financing. He added that the scheme would improve access to long term risk capital needed for growth competitiveness and value creation. With a single obligor limit of five million dollars the fund is designed to stimulate multiple high impact investments supported by sound governance and prudent risk management.
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