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African Energy Investment Corporation to cite HQ in Nigeria

By on November 26, 2020 0 132 Views

Nigeria has said it welcomed the decision of the African Petroleum Producers’ Organisation (APPO) to cite the headquarters of the African Energy Investment Corporation in Abuja, pledging the full support of the country in ensuring the successful take-off of the organisation.

President Muhammadu Buhari at a meeting with Omar Farouk from Nigeria, who is the Secretary-General of the organisation at the State House on Thursday, gave the assurance that Nigeria will pay for its share subscription in the organisation.

In a statement by presidential spokesman, Garba Shehu, the President was quoted as saying that the peculiarities of the challenges facing African oil producers required them to come together under the association to share experiences and solve their problems collectively.

He said the growing clamour for a reduction in the use of fossil fuels notwithstanding, countries like Nigeria needed to produce more oil to feed the petrochemical industry and create jobs.

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On the peculiar challenges facing the country amid its large population and immense deficit in infrastructure, President Buhari urged the Organisation of Petroleum Exporting Countries (OPEC) to consider the weight of the responsibility of the nation with “200 million poor people, with severe deficit in infrastructure” when sharing oil production quotas.

In his remarks, the Minister of State, Petroleum Resources, Timipre Sylva informed the President that the proposed APPO Energy Investment Corporation to be sited in Abuja will start with $1 billion from the AFRiEXIM Bank and is expected to bring employment and other benefits to Nigeria.

The Secretary General of APPO who was accompanied by Adedapo Odulaji, the OPEC Governor in Nigeria, conveyed the appreciation of both the Congolese President and the Prime Minister for the President’s support in the relocation of the headquarters of the association to its chosen location, Brazzaville, the Congolese capital.

He expressed hope that members of the 16-member organisation will surmount the challenges posed by COVID-19 as well as that from receding fossil fuel use as a result of the climate change treaties signed by member states and other nations.

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