Nigeria secures a significant 60% portion of Afreximbank’s $30 billion funding for oil and gas initiatives

YEPS
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In a groundbreaking revelation, the African Export-Import Bank (Afreximbank) announced on Wednesday that it has emerged as the foremost financier of oil and gas projects across the African continent.

A staggering $30 billion has been invested by the bank in industry projects, with Nigeria securing a significant 60 percent share, despite the prevailing global trend of reduced funding for hydrocarbon ventures in Africa.

Addressing delegates at the ongoing Nigeria International Energy Summit in Abuja, President of Afreximbank, Prof Benedict Oramah, stressed the urgent need for innovative solutions to Africa’s monumental energy deficit.

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Speaking at the National Oil Companies Forum, Oramah, represented by Mr. Haytham ElMaayergi, Executive Vice President, Global Trade Bank, lamented the paradox of a continent rich in oil, gas, and renewable energy resources yet grappling with widespread energy poverty.

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Highlighting the continent’s dearth of traditional energy infrastructure, Oramah underscored the potential for leapfrogging to more efficient renewable technologies.

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Despite the challenges posed by dwindling international funding for the oil and gas sector, Afreximbank has stepped in boldly, emerging as a key player with its substantial interventions. Nigeria, in particular, has reaped significant benefits, securing the lion’s share of the bank’s support.

Oramah also revealed Afreximbank’s ambitious plans to oversee the proposed Africa Energy Bank, aiming to revolutionize the continent’s energy landscape through strategic partnerships and sustainable financing.

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However, he emphasized the critical need for substantial support from member states to ensure the successful launch and operation of the Africa Energy Bank, underscoring the bank’s commitment to driving Africa towards energy self-sufficiency and prosperity.

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