Petroleum Institute Urges Early Take Off of Africa Energy Bank
The Petroleum Training Institute (PTI) has called for the early inauguration of the Africa Energy Bank (AEB) to enhance access to affordable energy financing and accelerate sustainable growth across the continent.
Dr Samuel Onoji, Principal and Chief Executive of PTI, made the call on Wednesday in Abuja at the opening of the fourth Biennial International Conference on Hydrocarbon Science and Technology (ICHST 2025).
The conference, organised by the PTI, has its theme as “Transforming Africa’s Hydrocarbon Sector: Balancing Growth, Environment and Governance.”
Onoji said that Africa’s hydrocarbon resources remained pivotal to the continent’s economic development and energy security, but challenges such as inadequate infrastructure, insufficient investment and energy poverty continue to constrain progress.
He said that in the bid to address these challenges, the African Petroleum Producers’ Organisation (APPO), in partnership with the African Export-Import Bank (Afreximbank) joined forces to establish the Africa Energy Bank, headquartered in Abuja.
He said that the bank, once fully operational would provide low-interest rate funds for oil and gas projects and assists Africa countries to transit to renewable energies in future.
“The Petroleum Training Institute recommends early inauguration of the Africa Energy Bank to enhance energy access for African countries, promoting economic growth and reducing energy poverty.” Onoji added.
He said that PTI, established by the Federal Government in 1972, has since trained more than 55,000 professionals, technicians and operators for Nigeria and other African countries, in line with its mandate to develop middle-level manpower for the oil and gas industry.
According to him, the Institute also carries out applied research, provides consultancy services and maintains bilateral training partnerships with Angola, Benin Republic, Niger, Chad, Sao Tome and Principe, Uganda, and Ghana, among others.
He noted that PTI’s partnership with James Fisher Defence (JFD), Aberdeen, United Kingdom, had enabled the training of certified Dive Medic Technicians (DMTs) who support offshore safety and emergency operations.
“I am glad to inform this gathering that the Institute’s ISO 9001:2015 certification will be achieved in the first quarter of 2026,” he said.
He assured that the conference would explore innovative technologies, policy frameworks, and collaborative models that can drive transformation in Africa’s hydrocarbon sector.
In an address, Mr Felix Ogbe, Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), called for a balanced approach to manage Africa’s hydrocarbon resources that integrates economic growth, environmental stewardship and transparent governance.
Ogbe, represented Dr Chidiebele Uzoagba, a senior official of the Board, said the continent’s vast oil and gas endowment must become a catalyst for inclusive development rather than a source of dependency.
According to him, Africa holds about 125 billion barrels of proven oil reserves and more than 620 trillion cubic feet of natural gas, accounting for roughly seven per cent of global reserves in each category.
He said such resources, if properly harnessed, could drive industrialisation, job creation and economic diversification across the continent.
He explained that with Africa’s population projected to exceed 1.4 billion, energy demand will double by 2040.
In order to meet that demand sustainably, he urged countries to move beyond the old extractive model and embrace value addition through domestic refining, gas-based industrialisation, petrochemicals, fertilisers, and power generation.
“Since the enactment of the Nigerian Oil and Gas Industry Content Development Act 2010, Nigeria has grown local participation from less than five per cent to more than 54 per cent in some sectors,.
“ We have created more than 50,000 direct jobs and built in-country fabrication capacity for complex offshore projects.
“This deliberate strategy ensures that oil and gas activities stimulate domestic manufacturing, skills development, technology transfer and SME growth,” he said.
He said many African nations, such as Angola, Ghana, Uganda and Senegal, had adopted or were developing similar local content frameworks, while regional cooperation could further enhance competitiveness through harmonised policies and shared infrastructure.
Ogbe urged policymakers to deepen local content across the value chain, strengthen governance, prioritise value addition and foster regional cooperation to leverage economies of scale.
Dangote Cement Crosses N10trn, Trades Below Analysts Target Price
