Salahudeen Tahir, Chairman of the Society for Petroleum Engineers in Nigeria, revealed at the 47th Nigeria Annual International Conference and Exhibition that European banks are increasingly unwilling to finance fossil fuel investments in Africa.
This shift has led to the establishment of the African Energy Bank, which will be headquartered in Nigeria, to ensure continued funding for oil and gas projects in the continent.
Tahir explained that the reluctance of European financial institutions to support fossil fuels stems from a growing focus on green energy and environmental concerns.
In response, African countries are creating the energy bank to pool resources and support investments in the oil and gas sector.
Despite the global push for renewable energy, Tahir argued that oil and gas will remain crucial to Africa’s energy mix for the foreseeable future.Addressing concerns about the impact of international oil companies’ divestments in Nigeria, Tahir reassured that indigenous companies are successfully taking over these assets and driving growth in the sector.
He expressed confidence in a positive future for oil and gas in Africa, supported by a diverse energy mix and the efforts of local players.
Source: PUNCH