- Engineer Salahudeen Tahir announces $5 billion African Energy Bank initiative to boost oil and gas sectors in Africa.
- The African Energy Bank’s new initiative aims to boost Africa’s oil and gas sectors with significant investment.
- Firms shine at energy conferences, indicating a growing role in sector innovation.
After the 47th Nigeria Annual International Conference and Exhibition (NAICE 2024) in Lagos, Engineer Salahudeen Tahir, Chairman of the Society of Petroleum Engineers (SPE), indicated a transformative initiative: establishing the $5 billion African Energy Bank. This groundbreaking institution aims to revolutionise the energy landscape across Africa, particularly in Nigeria, by providing crucial funding for developing the oil and gas sectors.
Engineer Tahir emphasised the critical role of optimising the midstream and downstream sectors of the petroleum industry value chain. Highlighting the significance of transportation, storage, refining, and distribution, he stressed that these elements are essential for sustainability and operational efficiency.
He argued that upstream investments and Nigeria’s vast natural resources would be underutilised without robust midstream and downstream infrastructure. Speaking passionately about the prospects, Engineer Tahir underscored the bank’s potential to secure investments for African countries, ensuring they can fully leverage their energy resources.
He noted that the African Energy Bank is a beacon for maintaining and enhancing Africa’s energy independence and development amidst global shifts towards green energy. Reflecting on NAICE 2024’s success, Engineer Tahir celebrated the increasing participation and sponsorship from Indigenous companies in Nigeria, signalling a maturing industry in which local firms provide essential services and innovations.
Also, Engineer Amina Danmadami, the incoming President of SPE, expressed optimism about the role of young Nigerians in driving technological advancements and innovation within the energy sector, foreseeing a bright future where local talent and skills contribute significantly to industry growth.
Establishing the African Energy Bank marks a pivotal moment for Nigeria and Africa. It promises to unlock new opportunities and ensure sustainable energy development for years.