Image: Bloomberg
During the ongoing Nigeria International Petroleum Summit in Abuja, the President of the African Petroleum Producers Organization (APPO) Dr. Emmanuel Ibe Kachikwu said the organization would mobilize $2 billion in resources to fund infrastructural collaboration in Africa in efforts to develop the hydrocarbons sector.
“The whole idea is to mobilize between $1 billion and $2 billion to fund all the essentials necessary for us to properly collaborate,” said Dr. Kachikwu.
Speaking on the conference theme Africa on the Global Stage: International Collaboration, Opportunities & the Future, Dr. Kachikwu, who is Nigeria’s Minister of State for Petroleum Resources, said APPO is working towards leaving a lasting legacy that will ensure that Africans benefit from the continent’s hydrocarbon resources.
“Today, most African countries are silos, everybody does their own thing, you build your own refineries, plants, gas turbines etc. If we could just cross the Rubicon and be able to extend hands of infrastructural relationship across Africa, build joint pipeline, plants and refiners; begin to protect the African market, we would have taken a huge step, not only in the development of Africa, but to the stabilization of independent countries,” he said.
APPO accounts for 95 percent of the continent’s oil production.
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