Nigeria has intensified its efforts to host the African Energy Bank headquarters as the country is 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.
The Guardian reports that APPO consists of 18 countries. These countries possess over 125 billion barrels of proven oil reserves, accounting for 7.7 per cent of global reserves. They produce about 7.5 million barrels per day, representing 9.3 per cent of world production. They also hold proven gas reserves of over 510 trillion cubic feet (SCF), which constitute 7.65 per cent of global reserves, with an annual production of 7,556 billion SCF, accounting for 5.8 per cent of global production.
The member countries include the Arab Republic of Egypt, People’s Democratic Republic of Algeria, Republic of Angola, Republic of Benin, Republic of Cameroon, Republic of the Congo, Democratic Republic of the Congo, Republic of Cote d’Ivoire, Gabonese Republic, Republic of Equatorial Guinea, State of Libya, Federal Republic of Nigeria, Republic of South Africa, Republic of Chad, Islamic Republic of Mauritania, Republic of Sudan, Republic of Niger, and Republic of Ghana.
Amid the 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 African 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.
The need to lobby the different countries remained sacrosanct as the journey to securing hosting rights requires the collective support of all APPO Member Countries, Lokpobiri noted.
He noted that Nigeria offers a strategic geographical location, robust infrastructure, and a dynamic energy sector, positioning it as an ideal host for the AEB, adding that the country is committed to fostering a collaborative environment that would enable the AEB to thrive and achieve its mandate effectively.
Permanent Secretary of Nigeria’s Ministry of Petroleum Resources, Nicholas Agbo Ella, stressed Nigeria’s strategic geopolitical positioning, abundant natural resources, and robust regulatory framework as key advantages.
Noting Nigeria’s role in fostering regional cooperation, he said with over 37 billion barrels of oil and 209 trillion cubic metres of natural gas in proven reserves, alongside a burgeoning renewable energy sector, Nigeria offers opportunities for harnessing Africa’s energy potential.
According to him, Abuja’s state-of-the-art infrastructure and commitment to sustainability further support Nigeria’s vision for a prosperous and sustainable energy future.
