The African Petroleum Producers’ Organisation (APPO) has called upon member states to fulfill their financial obligations towards the establishment of the Africa Energy Bank.

Nigeria recently secured the hosting rights for the Africa Energy Bank, which will be situated in Abuja, the nation’s capital.

In a bid to ensure the bank’s operationalization, APPO Secretary General Dr. Umar Farouk Ibrahim urged African oil-producing countries to contribute their subscription fees totaling $83 million, with plans to launch the bank by September 2024.

Dr. Ibrahim made this appeal on Tuesday during the 18th ordinary meeting of the APPO executive board held in Brazzaville, Republic of Congo, where APPO’s headquarters are located.

Leading the Nigerian delegation at the executive board meeting in Brazzaville was Ambassador Nicholas Ella, Permanent Secretary of the Ministry of Petroleum Resources.

In a statement released on Wednesday, Ambassador Ella reiterated Dr. Ibrahim’s announcement regarding the resolution of the APPO council of ministers to award Nigeria the hosting rights for the Africa Energy Bank.

“We are aligned with the recent resolutions of the APPO council of ministers and are committed to intensifying efforts to secure the necessary funding to initiate the Africa Energy Bank,” stated Dr. Ibrahim.

He further disclosed that oil-producing member countries had formally approached the Nigerian government to discuss expediting the establishment of the bank.

“On Friday, July 5, we formally engaged the Federal Republic of Nigeria. We will discuss the timeline for completion of the bank building and preparation of the host country agreement for signature. We already have one member country that has signed the establishment agreement; we need one more signature to proceed,” Dr. Ibrahim added.

Ambassador Ella expressed gratitude on behalf of President Bola Tinubu to member states for their steadfast support and confidence in Nigeria’s bid to host the Africa Energy Bank. He reaffirmed Nigeria’s commitment to advancing energy security across Africa.

“The gathering of APPO’s 18 member countries in Brazzaville underscores our shared commitment to fostering unity, cooperation, and sustainable development within Africa’s energy sector,” noted Ambassador Ella.

He pledged Nigeria’s determination to collaborate with other members in addressing the financial requirements of Africa’s energy sector, particularly in funding oil and gas projects. Ambassador Ella urged member countries to “unite our efforts to build a prosperous future for Africa.”

“Together, we will establish an institution that meets the financial needs of our energy projects and promotes sustainable development, environmental stewardship, and economic inclusivity across Africa,” he added.

During discussions on the continent’s energy future, Algerian executive board member Remini Amine emphasized the importance of local content, human resources, and infrastructure development in unlocking Africa’s energy potential.

Representatives from APPO member states agreed that the Africa Energy Bank would play a crucial role in filling funding gaps within the sector. Dr. Ibe Kachikwu, former Nigerian Minister of State Petroleum Resources, proposed a ten-year plan for the energy industry aimed at fostering an “open era” for investment.

Dr. Kachikwu advised APPO to bolster the energy bank’s capital base before proceeding with investments.

Speakers at the week-long event stressed the pivotal role of national oil companies (NOCs) in leading crude oil production and refining to meet local consumption demands.

The Africa Energy Bank is a collaborative initiative between the African Petroleum Producers Organisation and Afreximbank.

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