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Business News of Saturday, 28 October 2023


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The Federal Government in collaboration with other members of Economic Community of West African States are planning to set up the Africa Energy Bank to cater to crude oil exploration activities in the region.

Outgoing President, the Nigerian Association of Petroleum Explorationists, Elliot Ibie, revealed this to The PUNCH on the sideline of a press conference in Lagos on Wednesday while announcing the 41st annual international conference and exhibition of the group.

According to Ibie, the energy bank would be funded by ECOWAS members and other banks, which he did not mention their names, to boost oil and gas production in the region.

“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,” he said.

This year’s conference was themed, ‘Repositioning the oil & gas industry for future energy dynamics’.

The incoming President of the association who also doubles as the Chairman conference planning committee, Abiodun Ogunjobi, added that low crude oil production was not as a result of FG’s commitment to the Energy Transition plan, but due to the advent of COVID-19.