Nigeria gets 60% Afreximbank energy funding – Oramah
African Export-Import Bank (Afreximbank) on Wednesday said Nigeria has been one of the largest beneficiaries accounting for almost 60 per cent of its $30 billion funding of the energy sector in Africa.
President of the African Export-Import Bank, Benedict Oramah, disclosed this at the ongoing 7th edition of the Nigeria International Energy Summit (NIES 2024) in Abuja on Wednesday.
“The support provided to the sector by the bank is in excess of $30 billion. Nigeria has been one of the largest beneficiaries accounting for almost 60 per cent 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,” Mr Oramah said.
Mr Oramah, represented by Haytham ElMaayergi, Executive Vice President, Global Trade Bank (GTBA), said the continent lacks extensive traditional energy infrastructure, stressing 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,” he said.
He noted that Afreximbank and Africa Petroleum Producer Organisation (APPO) are in the final stages of setting up the African energy bank.
He explained that the Africa energy bank being set up under a multilateral financial institution agreement will focus on providing funding for the energy sector on the continent, noting that it was structured to ensure African origin and control.
READ ALSO: Crude prepayment Loan: Afreximbank announces initial disbursement to Nigeria
“Afreximbank is committed to helping manage and operate Africa energy bank to ensure that it has the best possible chances 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 partnerships 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 said.
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African Export-Import Bank (Afreximbank) on Wednesday said Nigeria has been one of the largest beneficiaries accounting for almost 60 per cent of its $30 billion funding of the energy sector in Africa.
President of the African Export-Import Bank, Benedict Oramah, disclosed this at the ongoing 7th edition of the Nigeria International Energy Summit (NIES 2024) in Abuja on Wednesday.
“The support provided to the sector by the bank is in excess of $30 billion. Nigeria has been one of the largest beneficiaries accounting for almost 60 per cent 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,” Mr Oramah said.
Mr Oramah, represented by Haytham ElMaayergi, Executive Vice President, Global Trade Bank (GTBA), said the continent lacks extensive traditional energy infrastructure, stressing 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,” he said.
He noted that Afreximbank and Africa Petroleum Producer Organisation (APPO) are in the final stages of setting up the African energy bank.
He explained that the Africa energy bank being set up under a multilateral financial institution agreement will focus on providing funding for the energy sector on the continent, noting that it was structured to ensure African origin and control.
READ ALSO: Crude prepayment Loan: Afreximbank announces initial disbursement to Nigeria
“Afreximbank is committed to helping manage and operate Africa energy bank to ensure that it has the best possible chances 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 partnerships 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 said.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
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