The Latest News from Nigeria and Around the World
The African Petroleum Producers Organization , and the African Export-Import Bank , have signed the requisite documents for the establishment of a $5bn Africa Energy Bank.The proposed bank is an institution set up to facilitate, promote, and finance the development of Africa’s hydrocarbon deposits of oil and gas, and condensates and support energy energy transition and net zero 2060 commitments.
The bank is also seeking approximately $83m from each of APPO’s 18 signatories, amounting to almost $1.5bn, while Afrexim Bank’s board on the other hand, has committed to invest $1.250bn.The $5bn AEB is expected to grow its assets to over $120bn in seven years, thus becoming a source of sustainable FDI for Nigeria that supports the vision 2020 ambitions.
AEC emphasized that Africa still faces an energy crisis, with more than 60 million lacking access to electricity, and over 900 million lacking access to clean cooking solutions.It said, “This is happening amidst a rapid decline in fossil fuel funding, while IOCs divest their oil and gas assets, favouring more strategic investments.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Melinda Gates Quits Gates Foundation, To Get $12.5bnThe Latest News from Nigeria and Around the World
Read more »
Melinda French Gates to receive $12.5bn as she resigns from Gates FoundationNigeria's independent online newspaper
Read more »
Melinda Gates to leave Gates Foundation, keeps $12.5bn for her workPhilanthropist Melinda French Gates announced Monday she was leaving the nonprofit foundation she established with her ex-husband Bill Gates -- an organization that has become one of the most influential in the world.
Read more »
Ebonyi Govt spends about 5bn to clear retired workers gratuitiesEbonyi State Government says it has cleared the second tranche payment of gratuities for retirees civil servants from 1996 to 2023 totalling over N5 billion. The state governor, Francis Nwifuru, approved the sum of N1.6 billion for the exercise. The committee in charge of the exercise concluded payment of the backlog on Thursday.
Read more »
C’River secures $3.5bn for Bakassi Deep SeaportCross River State government, has secured a $3.5 billion funding from the Pan-African multilateral financial institution, African Export-importbank (Afreximbank), for some of its key infrastructure projects in the state.
Read more »
Nigeria loses N4.5bn to newcastle disease annually –NVMANVMA says the country loses N4.5 billion annually as a result of Newcastle disease occasioned by inadequate veterinary services.
Read more »