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Energy
Top stories
The African Petroleum Producers Organization (APPO), the pioneer of Africa Energy Bank (AEB), has appointed global consulting firm PWC as the project management headquarters for the bank in Abuja, Nigeria.
The Africa Energy Bank (AEB), with an initial capitalization requirement of $5 billion, has received significant financial commitments from several African nations.
In recent years, Nigeria has grappled with significant challenges in its energy sector, leaving millions of households and businesses without reliable access to electricity.
This situation is particularly pronounced in rural communities, where the absence of electricity perpetuates poverty, stifles economic growth, and limits access to essential services such as education, healthcare, and clean water.
A United States initiative to increase electricity supply in Africa has been halted by the Donald Trump- led administration after more than a decade of work.
The founder and chairman of Heirs Energies, Tony Elumelu, has hinted that the integrated energy company doesn’t rule out the possibility of building a crude oil refinery as well as venture into petrochemicals production in the future.
Among African nations, Nigeria stands out, not only for its significant lithium deposits but also for its strategic initiatives aimed at harnessing this resource to establish itself as a key player in the global battery industry.
Crude oil production in Nigeria and other West African countries is expected to rise from 3.7 million to 3.9 million barrels per day by the end of 2025, signaling a recovery in the region’s oil sector.
Nigeria’s indigenous oil and gas major, Aradel Holdings, recorded a 352.9% increase in staff salary payments in 2024, disbursing a total of N21 billion, up from the previous year.
The World Bank says it is funding a $1 billion project to expand Cameroon’s Nachtigal hydropower plant from 60 MW to 360 MW.
Nigeria’s oil and gas sector, one of the country’s most dynamic industries, had a remarkable run in 2024. The year brought game-changing moments across the upstream, midstream, and downstream sectors, setting the stage for even bigger transformations.
