Africa is taking charge of its energy future. With the African Energy Bank (AEB) set to launch in early 2025, the African Petroleum Producers’ Organisation (APPO) has vowed to reject investments that could compromise its mission.
This decision is coming from a meeting in Abuja.
APPO’s Executive Secretary, Dr Omar Farouk Ibrahim, highlighted how African nations have long relied on foreign funding for their oil and gas industry.
“For over a century, external investors have dictated the terms, making us believe we lack the resources to invest ourselves.
“Now, we must take control,” he said.
‘Dirty Energy’
Ibrahim identified three key challenges facing the industry: funding, technology, and market access.
Furthermore, he criticised how international investors dismissed Africa’s oil as “dirty energy” before the Ukraine-Russia war, yet immediately changed their stance when the war disrupted global energy supplies.
Moreover, “they refused to invest when we needed support, but as soon as it suited their interests, they rushed to us with funding—only to extract energy for themselves,” he pointed out.
Read Also; Tax Compliance Remains Low As Only 9% Of Nigerian Companies Contribute – Reps
A Bank With A Clear Mission
To break this cycle, APPO partnered with the African Export-Import Bank to create the AEB.
However, Ibrahim made it clear that the bank would refuse any funds that threaten its objectives.
“We will turn away billions if accepting them means losing control over our vision,” he asserted.
Furthermore, Ibrahim urged African nations to prioritise intra-continental trade rather than depending on Europe and America.
“Although regional partnerships could boost our economies, mistrust has kept us from working together,” he noted.
Ultimately, with an ambitious plan to grow the AEB’s capital from $5 billion to $120 billion in five years, APPO remains determined to lead Africa towards energy self-sufficiency.
“Now is our time to shape our own future,” Ibrahim concluded.
