The African Export-Import Bank on Wednesday, disclosed that it has become the largest financier of oil and gas projects in Africa.
The bank disclosed investing $30bn in industry projects,
with Nigeria receiving 60 per cent despite reduced global funding for
hydrocarbon ventures in Africa
President, Afreximbank, Prof Benedict Oramah, said Africa
has to find innovative solutions to its huge energy deficit.
Oramah was speaking at the National Oil Companies Forum at
the ongoing Nigeria International Energy Summit in Abuja on Wednesday.
Represented by Mr. Haytham ElMaayergi, Executive Vice
President, Global Trade Bank, Prof. Oramah lamented that it was
incomprehensible that in a continent with abundant oil, gas, solar hydro
resources, the bulk of the population still lacks access to reliable and
affordable energy.
He explained the continent lacks extensive traditional
energy infrastructure, but stressed that this presents an opportunity for
leapfrogging in a more efficient way to renewable technology.
“Our aspiration in the area of energy security and energy
transition will remain aspiration unless we have access to adequate funding
resources that we control. With a lot of international banks withdrawing
funding out of the oil and gas sector, the investment in the industry has
become severely limited with the corresponding impact on exploration and
production.
“Afreximbank has intervened in a big way, quickly becoming
the largest financier of oil and gas deals in the continent. The support
provided to the sector by the bank is in excess of 30 billion US dollars.
Nigeria has been one of the largest beneficiaries accounting for almost 60
percent of the total funding of the sector.
“And it’s important to the point that afreximbank has been
able to make those modest contributions in the oil and gas sector because the
bank is predominantly African in ownership and control”, he stated.
Oramah disclosed that Afreximbank would be managing the
proposed Africa Energy Bank to ensure its best chance of success.
“The strategic goal of the Africa Energy Bank is to play a
leadership role in shaping the energy landscape in Africa through strategic
partnership with proven African and international financial institutions and
investors and also to provide sustainable financing in this area of the oil and
gas sector.
“The Africa energy bank will need considerable support to get off the ground. We will need support from member states to achieve the level of capitalization that is adequate to support the energy sector”, he added.
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