By Feyisayo Oyebanji, Abuja
The Nigerian Petroleum Training Institute (PTI) has recommended the formal inauguration of the Africa Energy Bank to boost energy access across the continent, stimulate economic growth, and reduce energy poverty.
Speaking at the opening ceremony of the 4th Biennial International Conference on Hydrocarbon Science and Technology in Abuja, themed “Transforming Africa’s Hydrocarbon Sector: Balancing Growth, Environment and Governance,” the Principal and Chief Executive of PTI, Dr Samuel Onoji, said the sector continues to grapple with major challenges such as inadequate infrastructure, low investment, and widespread energy poverty.
He noted that as Africa navigates the complexities of the global energy transition, climate change imperatives, and the drive for sustainable development, achieving a balance between economic growth, environmental stewardship, and good governance has become more crucial than ever.
“To address these challenges, the African Petroleum Producers’ Organisation, in partnership with the African Export–Import Bank, has established the Africa Energy Bank, with its headquarters in Abuja, Nigeria. The bank is designed to provide low-interest financing for oil and gas projects while supporting African countries in transitioning to renewable energy sources in the future,” Dr Onoji explained.
According to him, the conference serves as a strategic platform for deliberating on innovative approaches to advancing Africa’s hydrocarbon industry toward a sustainable and inclusive future.
“The 4th Biennial Conference has become an important platform for engaging with critical issues shaping Africa’s energy future. Over the course of this event, we will explore innovative technologies, policy frameworks, cutting-edge research, and collaborative models that can drive transformation in Africa’s hydrocarbon sector,” he said.
Africa’s Energy Landscape
Energy expert and Chairman of PANA Holdings, Dr Chidiebele Uzoagba, cited the International Energy Agency’s Africa Energy Outlook 2022, which estimates that the continent requires about $150 billion over the next decade—or $15 billion annually—to achieve universal electricity access by 2035. He identified insufficient capital as a major obstacle to expanding electricity access.
“Africa cannot continue to be a land of immense energy potential while so many of our people remain in the dark. This is why I believe, and will argue today, that Africa is not on the periphery of the global energy debate,” he said.
Dr Uzoagba highlighted that recent oil and gas discoveries in Namibia, Senegal, and Mauritania, as revealed in the 2025 Sub-Saharan Upstream Outlook, represent a new wave of potential for the continent. If managed effectively, he said, these discoveries could redefine Africa’s economic trajectory for decades.
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He, however, cautioned that despite rising global investment in oil and gas, Africa’s share continues to decline each year, while climate-related pressures are intensifying.
“The world is watching how Africa will respond, and the stakes could not be higher. Supporting institutions such as the Nigeria Extractive Industries Transparency Initiative is critical in fostering public trust. Transparency is not a slogan—it is a guardrail for national credibility and long-term investment,” he added.
Strengthening Nigeria’s Petroleum Framework
In his remarks, Dr Emeka Obi, Permanent Secretary, Federal Ministry of Petroleum Resources, reaffirmed that Nigeria remains an oil- and gas-rich nation with vast opportunities to leverage its hydrocarbon endowment for sustainable socio-economic growth.
He explained that under the Petroleum Industry Act (PIA) 2021, the Nigerian government has reasserted sovereign ownership of petroleum resources while restructuring the sector’s legal, regulatory, fiscal, and institutional frameworks to promote efficiency, transparency, and investor confidence.
Dr Obi, however, acknowledged that significant gaps persist. “While the legal and regulatory frameworks are in place, much remains to be done. Many of our domestic refineries are under-utilised, we still face capacity gaps in our workforce, technology transfer remains a challenge, and environmental and community obligations continue to test our performance,” he said.
He urged the Petroleum Training Institute to deepen its curriculum and training modules in emerging fields through classroom instruction and hands-on experience, linked to international accreditation and digital learning platforms.