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Economic development

Africa Can Create Wealth through Collaboration, Says NCDMB Executive Secretary

Strategic Insights

— 1 min read

Africa has the potential to sustain economic development and close the poverty gap by utilizing its vast natural resources. According to Engr. Felix Omatsola Ogbe, the executive secretary of the Nigerian Content Development and Monitoring Board (NCDMB), the continent holds more than 10% of global crude oil reserves and 8% of proven natural gas resources. He emphasized the need for intra-country trade, industrialization, and value retention to fuel prosperity. Ogbe pointed out that current practices, where many African countries export raw materials to developed countries, must change.

Key Takeaways:

  • Africa has more than 10% of global crude oil reserves and 8% of proven natural gas resources, providing significant potential for wealth creation.
  • Collaboration among African countries is essential to develop local content potentials and support the oil and gas industry.
  • Close partnership and collaboration among African oil and gas producing countries can enable sustainable development of the continent's oil industry.
  • An enduring policy framework with governance and enforcement oversight, human capital development, and cross-border deployment are critical pillars for consolidating and scaling local content programs.
  • African countries should focus on technology development to support local content policy, and research and development are essential for evolving and innovating.
  • Cross-border partnerships and collaboration can leverage Africa's diverse capabilities, with specialization and trade among countries enabling a thriving energy sector.
  • The mindset change required is from seeing local content as a social responsibility initiative to ensuring capital stays within borders and building technological and industrial capacity to compete globally.
  • The future of Africa lies in deliberate planning, strong policies, and bold steps to position African solutions at the center of development.

Statistics:

  • Africa holds more than 10% of global crude oil reserves.
  • Africa has 8% of proven natural gas resources.
  • The NCDMB hosted the Africa Content Forum as part of the 2025 Africa Oil Week.
  • Four panel sessions took place during the Africa Content Forum, featuring policymakers, oil and gas operating and service companies, original equipment manufacturers, and other stakeholders.

Sources:

  • (2025) Address by Engr. Felix Omatsola Ogbe at the Africa Content Forum, 2025 Africa Oil Week, Accra, Ghana.
  • (2025) Panel discussions during the Africa Content Forum, 2025 Africa Oil Week, Accra, Ghana.

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