FG has said it is collaborating with ECOWAS to establish the Africa Energy Bank
It stated that the energy bank would be sponsored by the members of ECOWAS
It, however, blamed COVID-19 for the low crude oil production around the continent
To support regional crude oil exploration efforts, the Federal Government and other members of the Economic Community of West African States (ECOWAS) intend to establish the Africa Energy Bank.
Elliot Ibie, the outgoing president of the Nigerian Association of Petroleum Explorationists, said this during a press conference in Lagos.
FG plans establishment of Africa Energy Bank to support crude oil exploration
This was announced in conjunction with the organization’s announcement of its 41st annual international conference and expo, according to a report by Punch.
This year’s conference was themed, ‘Repositioning the oil & gas industry for future energy dynamics’.
Ecowas member to sponsor energy bank
Ibie said that to increase oil and gas production in the area, the energy bank would be sponsored by ECOWAS members and other banks, though he did not name them.
“The Federal Government and investors are truly worried about the dwindling crude oil production in the country, and that is why ECOWAS is now planning to boost production through the energy bank that is currently being set up.”
Abiodun Ogunjobi, the association’s incoming president and chairman of the conference planning committee, clarified that COVID-19 was the reason for the low crude oil production, not FG’s adherence to the Energy Transition plan.
Earlier, Legit.ng reported that one of Nigeria’s most important oil pipelines has been broken for months, hence, the country is resorting to a fleet of small river-going tankers to increase oil production.
President Bola Tinubu has been declared the new chairman of the Economic Community of West African States (ECOWAS), Legit.ng reported.
The Nigerian president was elected at the 63rd Ordinary Session of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS) on Sunday, July 9, The Sun reported.
President Tinubu was unanimously selected to lead the regional body by the heads of state and governments at the event.….CONTINUE.FULL.READING>>>