The Petroleum Training Institute (PTI) has called for the swift inauguration of the Africa Energy Bank (AEB) to unlock affordable energy financing and accelerate sustainable development across the continent.
PTI Principal and Chief Executive, Dr. Samuel Onoji, made the call in Abuja at the opening of the fourth Biennial International Conference on Hydrocarbon Science and Technology (ICHST 2025), themed “Transforming Africa’s Hydrocarbon Sector: Balancing Growth, Environment and Governance.”
He said Africa’s abundant hydrocarbon resources remain essential to energy security and economic growth, but gaps in infrastructure, funding and investment continue to constrain progress.
Onoji noted that the AEB — an initiative of the African Petroleum Producers’ Organisation (APPO) in partnership with Afreximbank, with its headquarters in Abuja — would offer low-interest financing for oil and gas projects and support gradual transition to renewables.
“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,” he said.
Highlighting PTI’s role in the sector, Onoji said the Institute has trained over 55,000 skilled personnel for Nigeria and other African nations since its establishment in 1972. He added that its ISO 9001:2015 certification is expected in the first quarter of 2026.
In his remarks, Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Felix Ogbe, stressed the need for policies that balance economic expansion with environmental sustainability and transparent governance.
Ogbe, represented by Dr. Chidiebele Uzoagba, said Africa’s proven reserves of 125 billion barrels of oil and over 620 trillion cubic feet of natural gas — about seven per cent of global totals — must drive industrialisation, not dependence.
He noted that Nigeria’s local content development strategy has raised in-country participation from under five per cent to over 54 per cent in key segments, creating more than 50,000 direct jobs and boosting fabrication capacity for offshore projects.
With Africa’s energy demand expected to double by 2040, Ogbe urged countries to shift from resource extraction to value addition through refining, petrochemicals, fertilisers, gas-based industries and power generation.
He added that regional collaboration and harmonised local content frameworks would help African nations build stronger, more competitive energy economies.
