The African Petroleum Producers Organisation (APPO) has re-elected Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, as president of the organization for two consecutive years.
According to a statement from the Ministry of Petroleum Resources and signed by the Deputy Director of press at the ministry, Olujimi Oyetomi, Africa’s oil producers will be looking up to Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to help them attract as much as $1 billion they intend to invest in building energy infrastructure across the continent.
The statement noted that the decision of the organisation was to allow Kachikwu conclude the ongoing reforms and restructuring he initiated. Kachikwu’s reelection was done at the 36th ordinary session of the Council of Ministers of the APPO in Malabo, Equatorial Guinea. The session had in attendance APPO ministers from 13 member countries namely, Algeria, Angola, Benin, Cameroon, Congo, Chad, Côte d’Ivoire, Egypt, Equatorial Guinea, Gabon, Libya, Niger, and Nigeria.
It explained that in addition to reforming APPO, Kachikwu was also mandated to reform and recapitalise the Cotonou-based APPO Fund for Technical Development, adding that he submitted far-reaching proposals to the ministerial council in this regard and it was approved for implementation.
According to the association, among the major changes approved by the ministerial council was a change in the name of APPO Fund to African Energy Investment Corporation (AEICORP), and that unlike the APPO Fund whose shareholders were limited to sovereign governments, AEICORP shall be open to sovereigns as well as institutional and private investors.
It indicated that AEICORP has targeted to raise $1 billion in investment capital to fund energy infrastructure on the African continent.
“This recent reelection will see Dr. Kachikwu complete the ongoing reforms that will emplace APPO towards leaving a lasting legacy that will ensure that Africans benefit from the continent’s hydrocarbon resources,” said the statement.
Kachikwu, it explained had in his acceptance remarks, said he was delighted with the support he got from members of the council, and affirmed his commitment to making deep and sustained reforms that will guide member countries to make the best returns in their energy businesses.