The President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has announced that Nigeria is a major beneficiary, accounting for nearly 60% of the bank’s $30 billion funding in the energy sector in Africa.
Oramah made these remarks at the 7th Nigeria International Energy Summit (NIES 2024) in Abuja.
Addressing the summit on “Sustainable Strategies for Energy Leadership: Navigating Security, Transition, and Finance in a Changing World,” Oramah highlighted Afreximbank’s significant support to the energy sector, particularly in Nigeria.
The bank attributes its ability to contribute to the oil and gas sector to its predominant African ownership and control.
Oramah also acknowledged Africa’s need for established traditional energy infrastructure, presenting an opportunity to leap directly into adopting more efficient renewable energy solutions.
He pointed out that many foreign banks had stopped lending money to the oil and gas industry, which had severe effects on exploration and production due to a lack of investment availability.
Oramah addressed these issues by stating that the African Energy Bank is almost ready to be established by Afreximbank and the Africa Petroleum Producer Organization (APPO).
Dr. Omar Ibrahim, the Secretary-General of APPO, stated that the proposed African Energy Bank’s location will be determined by the end of 2024’s first quarter.
Seven nations are competing to host, including Nigeria, Algeria, Egypt, Ghana, South Africa, Benin Republic, and Cote d’Ivoire.
