Tag: Energy Bank

The extraordinary meeting of the Council of Ministers of the African Petroleum Producers Organization (APPO), has granted Nigeria the prestigious hosting rights for the African Energy Bank.

Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri broke the news in Abuja yesterday in a statement by his Special Adviser on Media and Communication, Nneamaka Okafor.

According to the statement, Nigeria emerged as the preferred host nation amidst stiff competition from Ghana, Benin, Algeria, South Africa, and Cote D’Ivoire. The selection highlights Nigeria’s robust energy sector and its strategic vision for the continent’s energy future.

Lokpobiri assured that the establishment of the African Energy Bank would mark a transformative era in meeting energy needs. “We are committed to ensuring that this Bank will not only move Nigeria forward but will also be a beacon of progress for the entire continent,” he emphasized.

“Our goal is to foster sustainable energy solutions that are both innovative and inclusive.”

The Bank is expected to facilitate access to funding for energy projects, thereby catalyzing economic growth and enhancing energy security. The Minister emphasized that this initiative aligns with the broader objectives of the African Union’s Agenda 2063, aiming for a prosperous and self-sustaining Africa.

Lokpobiri highlighted the collaborative spirit of the APPO members and their shared vision for a united, energy-secured Africa.

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He reiterated his gratitude to President Tinubu for his unwavering support and to the Council of Ministers for their trust in Nigeria’s ability to lead this pivotal initiative.

The decision, lauded as a significant step for the continent’s energy sector, underscores Nigeria’s pivotal role in Africa’s energy landscape.

He expressed his gratitude for the support extended by President Bola Ahmed Tinubu in Nigeria’s bid to host the Bank.

He also extended his appreciation to the council for their confidence in Nigeria’s capability. “This decision reflects our collective ambition to create African solutions to African energy challenges,” Senator Lokpobiri stated. “The African Energy Bank will be instrumental in providing the necessary financial backbone for energy projects that will drive growth and development across the continent.”

The Minister of State, Petroleum Resources (Oil), Senator Heineken Lokpobiri and the Minister of Information and National Orientation, Alhaji Mohammed Idris Malagi, yesterday asked the African Petroleum Producing Organisation (APPO) to site the headquarters of the African Energy Bank in Nigeria.

They made the plea at the ongoing seventh Nigerian International Energy Summit (NIES) in Abuja.

The theme of the summit is “Navigating the New Energy World Order: Security, Transition and Finance.”

Lokpobiri said: “The Secretary-General of APPO,  Dr. Omar Ibrahim Farouk, does everything humanly possible to make sure we get the APPO headquarters.”

Malagi said Nigeria has conceded the headquarters of APPO to Congo, that other member states should concede the headquarters of the bank to Nigeria, which has all it takes to host the bank.

Earlier, Farouk announced that the seven countries were opting to host the headquarters.

He said the bank shall take off by the first half-half of this year, 30th June, 2024.

The APPO scribe, “A decision on which country is going to post the African Energy Bank. And I want to say that there are seven countries. Algeria, Egypt, Nigeria,” and others are asking for it.

In his goodwill message OPEC, Secretary-General, Haitham Al Ghais, said Nigeria’s role in OPEC’s past and present is a tremendous source of pride

He added that the organization is also acutely conscious of Nigeria and Africa’s critical role in the future of OPEC and the energy industry more broadly.

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According to him, Africa has a young and vibrant population.

He added that “By 2045, the Middle East and Africa region is forecast to be the leading region by overall population, adding 723 million people in the period 2022-2045, according to OPEC’s World Oil Outlook.”

The scribe said OPEC anticipates a bright future for Africa’s oil industry with substantial opportunities for growth.

 The continent, he said, is home to five of the top 30 oil-producing countries and its proven oil reserves amounted to around 119 billion barrels at the end of 2022.