Minister of State for Petroleum Resources, Mr. Ibe Kachikwu

Nigeria: Nigeria, others set to mobilise $2bn to finance critical infrastructure across Africa – Kachikwu

By Teslim Olawore

Minister of State for Petroleum Resources, Mr. Ibe Kachikwu
Minister of State for Petroleum Resources, Mr. Ibe Kachikwu

The Federal Government on Monday, disclosed that it is working with other oil and gas producing countries in Africa, under the auspices of African Petroleum Producers Organisation, APPO, to raise between $1 billion and $2 billion to finance energy projects and boost collaboration among African countries.

Speaking at the Nigerian International Petroleum Summit, NIPS, in Abuja, Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, said APPO members were looking at expanding the role of an existing financing body in the continent, which would be renamed African Energy Investment Corporation to undertake the function of energy financing.

He said, “The whole idea is to mobilise between $1 billion and $2 billion of resources to fund all the essentials necessary for us to properly collaborate. “Today, most African countries are silos, everybody does their own thing; you build your own refineries, plants, gas turbines etc. If we could just cross the Rubicon and be able to extend hands of infrastructural relationship across Africa; build joint pipeline, plants and refineries; begin to protect the African market, we would have taken a huge step, not only in the development of Africa, but to the stabilisation of independent countries,”

“We have finished that meeting and signed on to resolutions that endorsed all the changes that we have suggested. We are now going to move on the implementation stages,” he said

Kachikwu further listed challenges to the international oil market to include issues such as shale, oil pricing, investment limitation, and President Trump among others, stating that unless African countries get their policies, market place collaborative mechanisms and infrastructure right, they would face a huge amount of challenge in the competition for the very scarce resources and scarce capital.

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