- Energy transition issue is not just a question of climate, it is also an ideology;
- African leaders signed the 2015 Paris Climate Change Agreement apparently without any prior knowledge, and or understanding of its implications;
- Industrialized countries called it a bluff the 1859 and 1896 research findings by scholars, on the dangers associated with emissions, which was also found to be high and prevalent, with the pursuit of industrialization among the “developed” countries;
- In 150 years, the industrialized countries emitted about 2, 500 gigatons of emissions to set the pace of global air pollution in motion;
- Africa must be delivered from its enemies as its planned energy bank kickstarts its operation by the end of March 2025.
“And now that it is our turn to use oil and gas resources to transform our societies the way they used oil and gas resources to transform their own societies in 150 years, they say fossil fuels are dangerous to mankind. So at what point did the industrialized countries realize that fossil fuels were contagious to the atmosphere and injurious to health…, during the 150 years of sustained gas emissions in order to industrialize, or after 150 years of achieving industrialization?”
“…But at what point did the West and the industrialized countries who’re now calling for an end to fossil fuels realize that it was contagious to the atmosphere and injurious to health…, before or after the 150 years they were busy emitting gaseous particles into the atmosphere in the name of industrialization? In the 150 years, the industrialized countries emitted 2, 500 gigatons of emissions into the atmosphere and now they are saying that Africa cannot industrialize because they (Africans) want to use their oil and gas resources to change the lives of its people? Our position is that we are taking our destinies into our own hands…; we will deliver Africa from its enemies.”
Meanwhile a gigaton is a billion metric tons, which is often used when describing human carbon-dioxide emissions. Historical evidence also confirm that since the Industrial Revolution, human beings have emitted more than 2, 000 gigatons of carbon-dioxide into the atmosphere. It was reported that in 2022, global carbon-dioxide emissions reached an all-time high of 36.8 gigatons, also captured as representing, roughly though, the mass of all land mammals (other than humans) in the world.
For many like Dr Umar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO), it is pathetic and unheard of, that Africa which has about 125 billion barrels (bbls) of oil in its subsoils, with about 600 trillion cubic feet (tcf) of gas, has hitherto depended so heavily on foreigners for the exploitation of its huge hydrocarbon resources, for about seventy to one hundred years of oil discovery in the continent. “This is unacceptable. We must take our destinies into our own hands,” says Dr Farouk.
“Who says Africa cannot do it? Who says we cannot finance the exploration of our oil and gas resources? Africa has the money. Our problem is prioritizing our expenditure. But we are determined to tell those who think that without their money Africa cannot make any headway that the continent is already very close to achieving its goal,” queries Dr Farouk.
Why the African Energy Bank now?
Africa is an oil and gas province with the capacity to meet its own domestic energy needs, with much more for export, serving even much longer than many, even in Sub-Sahara Africa, would have imagined.
According to several energy industry news sources, and also from Austin Avuru’s (Platform Petroleum) account during a presentation in Lagos, about 23 African countries have a combined volume of gas reserve to the tune of a little under 600 Trillion Cubic Feet (Tcf), and daily production of a little above 24 Bcf, and consuming about 13.5Bcf, approximately half of this daily production.
He also averred that this 23 countries have total oil reserves to the tune of 118 billion barrels, producing 6.1 million barrels daily, and consuming 4 million barrels daily, while adding the total refining capacity of the 23 countries as 4.83 million barrels daily. And out of the 23 countries, five of them including South Africa he said produced, at the last count, (800, 000 bbls) daily, Algeria had (600, 000 plus bbls), Libya came with (380, 000 bbls), while Egypt also made a score with (1.03 million barrels), this is as he ascribed 1.1 million barrels of daily capacity to Nigeria – and adding them up was a total daily refining capacity of 4.83 million barrels.
Natural gas, once a byproduct now serves almost a quarter of the global energy needs. Analysts believe that Africa is at the moment in an advantaged position looking at the volume of gas in the continent.
In the next two years or so, statistics show that Africa’s natural gas production is expected to remain relatively flat — increasing only slightly, from 268 billion cubic meters (bcm) in 2024 to 272 bcm in 2025, this is as analysts still believe there’s still room for optimism about the continent’s potential, according to one of the last reports of the African Energy Chamber. “So why will Africa not take its destinies into its own hands and deliver herself from her enemies? Why is Africa Energy Bank not possible, like Africa’s detractors were believing and saying – APPO SG was querying, at the 13th edition of the Practical Nigerian Content (PNC) which held from the 2nd until the 5th of December 2024 at the city of Yenagoa in Bayelsa State.
The 13th edition had 750-plus delegates in attendance, with more than 50 industry experts, more than 36 networking hours, more than 30 exhibition companies, 6 forum sessions, 4 spotlight sessions, and 1 site visit.
“Africa Energy Bank has not just become an imperative, it is also a reality. The US$5bn energy bank is already a reality. With 50% ($500m) take-off target which is already secured, we are good to go. All documents, including documents defining employment of staff have been signed.
“Africa Energy Bank is a supernational energy bank that welcomes all African countries, both APPO and non-APPO member countries, as well as any other interested investors, but excludes all countries, companies or individuals who are ardent promoters of energy transition…, they are not welcomed,” Dr Farouk said.
EWI Ejekwu Chidiebere