Nigeria targets energy bank hqtrs, lobbies 18 African producers
13 June 2024 |
2:04 am
Nigeria has intensified its efforts to host the African Energy Bank (AEB) headquarters by lobbying 18 African oil producers under the African Petroleum Producers Organisation (APPO).
Nigeria has intensified its efforts to host the African Energy Bank (AEB) headquarters by lobbying 18 African oil producers under the African Petroleum Producers Organisation (APPO).
Hosting the ambassadors of the countries to a dinner in Abuja, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, insisted that the bank “is critical” to the future of energy security and sustainable development on the continent.
APPO consists 18 countries that possess over 125 billion barrels of proven oil reserves, accounting for 7.7 per cent of global reserves. They produce about 7.5 million (9.3 per cent of global production) barrels per day and hold proven gas reserves of over 510 trillion cubic feet, which constitute 7.65 per cent of global reserves, with a yearly production of 7,556 billion cf, accounting for 5.8 per cent of global production.
The member countries include Egypt, Algeria, Angola, Benin, Cameroon, Republic of the Congo, DR Congo, Cote d’Ivoire and Gabon. Others are Equatorial Guinea, Libya, Nigeria, South Africa, Chad, Mauritania, Sudan, Niger and Ghana.
Amid a dwindling funding crisis for fossil fuels, Lokpobiri described the bank as a precipice of a transformative opportunity, one that holds immense promise not only for Nigeria but for the entire continent.
According to him, the initiative represents a bold move towards ensuring energy security, fostering economic growth and promoting sustainable development across Africa.
He said a comprehensive assessment by the APPO Afrexim-Bank Inspection Team had been done on Nigeria’s bid, noting that their positive evaluation highlights Nigeria’s readiness and capability to host the AEB.
Permanent Secretary, Ministry of Petroleum Resources, Nicholas Ella, highlighted Nigeria’s strategic geopolitical positioning, abundant natural resources and robust regulatory framework as key advantages.
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