Nigeria a Key Beneficiary of Afreximbank’s Energy Sector Funding in Africa
During the 7th Nigeria International Energy Summit (NIES 2024) in Abuja, President of the African Export-Import Bank (Afreximbank), Benedict Oramah, revealed that Nigeria has been a major beneficiary, accounting for nearly 60 per cent of the bank’s $30 billion funding in the energy sector in Africa.
Mr Oramah highlighted Afreximbank’s significant contributions to Nigeria’s oil and gas sector, emphasizing that the bank’s African ownership and control have enabled it to support the continent’s energy needs effectively.
He noted that the lack of extensive traditional energy infrastructure in Africa presents an opportunity to leapfrog into more efficient renewable technology, emphasizing the need for adequate funding resources under African control.
With international banks withdrawing funding from the oil and gas sector, Afreximbank has emerged as a key financier, supporting exploration and production activities across the continent.
Afreximbank is also collaborating with the Africa Petroleum Producer Organisation (APPO) to establish the African energy bank, which will focus on providing sustainable financing for the energy sector in Africa. The bank, structured to ensure African origin and control, aims to shape the continent’s energy landscape through strategic partnerships with African and international financial institutions and investors.
The establishment of the Africa energy bank is crucial for the sustainable development of Africa’s energy sector, and Afreximbank seeks support from member states to achieve adequate capitalization for its operation.
The initiative reflects Afreximbank’s commitment to supporting Africa’s energy sector and driving economic growth and development across the continent.
Premium Times
