The African Petroleum Producers’ Organisation has urged member countries to fulfill their financial obligations towards the establishment of the Africa Energy Bank, scheduled to kick-off in September and will be located in Abuja, Nigeria.

In addition, APPO’s Secretary General Dr. Umar Farouk Ibrahim urged member states of the African oil-producing countries to contribute their subscription fees of $83 million to ensure the bank’s operationalisation and launch in September 2024.

This appeal was made during the 18th ordinary meeting of the APPO executive board in Brazzaville, Republic of Congo, APPO’s headquarters last week.

APPO reaffirmed the Council of Ministers’ resolution to confer the hosting rights of the Africa Energy Bank on Nigeria.

Nigeria’s delegation to the meeting was led by the Permanent Secretary of the Ministry of Petroleum Resources, Nicholas Ella.

Ella who reiterated Nigeria’s commitment to the continental bloc’s ideals to enhance energy security in Africa, also, expressed gratitude to President Bola Tinubu’s gratitude to member states for their unwavering support and confidence in Nigeria’s bid to host the Africa Energy Bank.

“The gathering of the 18 member countries of APPO in Brazzaville demonstrates our collective dedication to fostering unity, cooperation, and sustainable development within the African energy sector,” noted Ella.

Moreover, he pledged Nigeria’s determination to collaborate with other members to address the financial needs of Africa’s energy sector through funding oil and gas projects.

Ella urged member countries to “harness the collective strength of our nations to build a brighter, more prosperous future for Africa.”

“Together, we will create an institution that addresses the financial needs of our energy projects and champions sustainable development, environmental stewardship, and economic inclusivity across Africa,” he added.

Meanwhile, during a brainstorming session on the continent’s energy future, Algerian executive board member Remini Amine emphasised that local content, manpower, and infrastructure development are key to unlocking Africa’s energy opportunities.

APPO member state representatives agreed that the Africa Energy Bank would bridge funding gaps in the sector.

A former Nigerian Minister of State Petroleum Resources, Ibe Kachikwu, suggested a ten-year plan for the energy industry to encourage an “open era” for investment.

Kachikwu advised APPO to grow the energy bank’s capital base before investing.

Furthermore, speakers at the week-long event emphasised the need for national oil companies (NOCs) to lead in crude oil production and refine oil to meet local consumption needs. The Africa Energy Bank is an initiative of the African Petroleum Producers Organisation and Afreximbank.