Nigeria and other oil producing countries under the umbrella of the African Petroleum Producers Organisation (APPO), are making efforts to ensure that the sector offers desired benefits to Africans. KINGSLEY JEREMIAH writes on the prospects and challenges to the agenda
Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who doubles as the President of APPO recently said the organisation would mobilise $2 billion fund to aid continental synergy that would ensure sustainable development of hydrocarbon in Africa.
The primary focus of the renewed continental collaboration announced on the floor of the just concluded Nigeria International Petroleum Summit in Abuja.
Nigeria reportedly spearheaded the founding of APPO to mitigate over-dependency on western technology and markets for oil export revenues, the promotion of cooperation in petrochemical research and technology. .With membership hovering around 18 countries, the call for a reformed APPO is compelling because despite the huge hydrocarbon resources on the continent, Africa is home to least developed economies and poor people.
Being consumers and producers, synergy across the continent could enable the APPO members to share experience and knowledge, create similar regulatory framework, address volatility and device means to make the resources beneficial to present and future generation.