Nigeria, Africa’s largest oil producer, was conspicuously absent from the list of beneficiaries of nearly $1 billion in development financing recently approved by the OPEC Fund for International Development. During its 190th Governing Board meeting in Vienna, the OPEC Fund announced projects to support infrastructure, food security, renewable energy, and governance in multiple African countries, including Ghana, Chad, Senegal, Egypt, and Côte d’Ivoire, but Nigeria did not cut. The exclusion has raised questions, given Nigeria’s prominent role in global oil production.
The approved projects aim to address critical development challenges. For instance, Chad will receive $16 million for a rice farming initiative benefiting 2,000 households, while The Gambia will secure $20 million to improve rural infrastructure and market access for local farmers. Senegal will see a $60 million investment to bolster agricultural productivity and climate resilience for 220,000 households, with a focus on empowering women and youth. Côte d’Ivoire, meanwhile, will use €35 million to enhance SME financing and trade, benefiting millions in its cocoa sector.
OPEC Fund President Abdulhamid Alkhalifa highlighted 2024 as a landmark year for the organization, emphasizing its commitment to addressing global challenges through impactful projects. However, Nigeria’s absence from the funding list contrasts with its leadership in the energy sector and underscores the need for introspection regarding its engagement with international development financing mechanisms.