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Nigeria Joins Other African Countries to Launch $5bn Energy Bank Amid Shift to Low Carbon Investments

Published

2 years ago

October 4, 2024

editor

African oil-producing countries are moving forward with plans to launch a $5 billion energy bank in 2024, with 45% of the required startup capital already secured. The initiative, spearheaded by the African Petroleum Producers Organization (APPO), aims to bridge the funding gap caused by traditional investors moving away from fossil fuels to focus on low-carbon energy sources.

Omar Farouk Ibrahim, Secretary General of APPO, announced the progress during the Angola Oil & Gas Conference in Luanda, stating that Angola, Nigeria, and Ghana are among the key financial backers. Remarkably, these countries have managed to raise a significant portion of the necessary funds “even before” the formal legal establishment of the bank. “We have come a long way,” Ibrahim said. “I believe we are the first development bank to progress from conceptualization to near fruition in just over two years.”

The African Export-Import Bank (Afreximbank) has emerged as the primary financier of the initiative, having signed a memorandum of understanding with APPO in June 2023. This agreement sets the stage for the formal launch of the energy bank, which is intended to provide critical financial support for oil and gas projects across the continent, especially in an era where international capital markets are increasingly hesitant to fund fossil fuel ventures.

The global energy landscape has been shifting rapidly, with efforts centered on funding clean energy projects to meet the goal of net-zero greenhouse gas emissions. However, countries like Angola, Nigeria, and the Democratic Republic of Congo still rely heavily on oil production and are facing growing challenges in securing financing for oil-related projects. The energy bank is designed to fill this void by providing African oil producers with an alternative source of funding.

This move, however, comes at a time when global and continental conversations are increasingly leaning towards renewable energy. The recent Africa Climate Summit in Kenya resulted in resolutions calling for stronger measures, such as carbon taxes, to combat climate change. This includes placing more financial burdens on carbon-emitting industries—oil and gas being prime contributors. The decision by oil-producing nations to continue investing in the development of oil fields through the proposed energy bank stands in contrast to these climate-driven initiatives.

Despite these contradictions, Ibrahim remains confident that the energy bank will play a crucial role in ensuring the continued development of Africa’s oil-producing fields. “We understand the global need for a transition to low-carbon energy, but Africa’s reality is different,” he said. “Oil and gas remain pivotal for our economies, and we cannot afford to abandon these resources without having viable alternatives in place.”

The African energy bank will not only serve as a financial institution but also as a strategic mechanism for African nations to maintain control over their natural resources. By securing their own financing, these countries can pursue energy independence and ensure that oil revenues continue to support economic growth, job creation, and infrastructure development.

As the energy bank’s launch draws nearer, the tension between Africa’s oil dependency and the global push for decarbonization will likely intensify. The bank’s success or failure will be closely watched as a potential model for other developing nations grappling with similar challenges—balancing the need for immediate economic benefits from fossil fuels with long-term sustainability goals.

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NNPP Disowns Planned Protest Against INEC

Published

3 months ago

January 19, 2026

By Omoniyi David

The New Nigeria Peoples Party (NNPP) has disowned a planned protest against the Independent National Electoral Commission (INEC) scheduled for Tuesday, January 20, 2026, in Abuja and other parts of the country.

In a statement issued Monday from its National Secretariat in Abuja, the party said reports linking it to the proposed protest were false, describing the planned demonstration as illegal.

The statement, signed by the NNPP National Publicity Secretary, Ladipo Johnson, said the organisers of the protest were impostors and not members of the party.

The NNPP cited a Federal High Court judgment delivered on April 18, 2024, in Suit No. FHC/ABJ/CS/1354/2024, in which Justice Emeka Nwite upheld the expulsion of the individuals involved.

The party urged the public and security agencies to disregard any attempt to associate it with the protest, reaffirming its commitment to lawful and democratic engagement.

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2025 Awards Night: ACCI Spotlights Business Excellence, International Collaboration

Published

4 months ago

December 16, 2025

Editor

By Ade Iyamoye

The Abuja Chamber of Commerce and Industry (ACCI), on Tuesday celebrated outstanding contributions to enterprise development and international cooperation at its 2025 Awards and Dinner Night, with a renewed commitment to building a resilient, globally competitive business community.

Speaking at the event held at the Prince Adetokunbo Kayode SAN Trade and Convention Centre, ACCI President, Chief Emeka Obegolu, SAN, PhD, said the awards night was a moment of appreciation for businesses and individuals whose innovation, perseverance and investments continue to drive Nigeria’s economy.

Obegolu said the Chamber had made “meaningful progress” over the past year in line with its vision to strengthen infrastructure, facilitate trade, build capacity, professionalise the Secretariat, expand global partnerships and reposition the ACCI brand.

He highlighted the ACCI Business, Entrepreneurship, Skills and Training (BEST), Centre as a key intervention aimed at skills development and entrepreneurship, preparing members and young Nigerians to compete locally and globally.

According to him, ongoing projects around the Chamber are designed to create a sustainable commercial ecosystem and long-term value for members.

The ACCI president also underscored the importance of engagement with government institutions, development partners and the diplomatic community, noting that such collaborations have enhanced the Chamber’s credibility and positioned it as a vital platform for dialogue.

“The presence of ambassadors and members of the diplomatic corps here tonight underscores the growing international interest in Abuja as a business destination,” Obegolu said, adding that business, beyond profits and policies, is ultimately about people.

He reaffirmed ACCI’s commitment to delivering value to members, growing its membership base and attracting investment that will contribute to Nigeria’s economic growth and global competitiveness.

On his part, the Brazil’s Ambassador to Nigeria, Carlos Garcete, commended ACCI for its role in deepening bilateral trade and cultural relations between Brazil and Nigeria, describing 2025 as a “remarkable year” for relations between both countries.

Garcete cited multiple high-level exchanges, including visits by President Bola Tinubu to Brazil for the G20, BRICS and a state visit, reciprocal visits by ministers and vice presidents of both countries, and Nigeria’s participation in COP30.

He particularly praised ACCI’s instrumental role in the Brazilian trade mission led by ApexBrasil, which brought over 40 Brazilian companies and more than 60 business leaders to Nigeria, the largest standalone Brazilian business delegation to the country.

Receiving the ACCI Award for Promotion of Cultural and Economic Exchange on behalf of the Brazilian Government, Garcete described the honour as both recognition and a call to sustain strong cooperation, expressing optimism for deeper collaboration in 2026.

The event brought together captains of industry, diplomats, partners and stakeholders for networking and celebration, reinforcing ACCI’s role as a bridge between Nigerian enterprise and the global business community.