Economy

Afreximbank, APPO urge establishment of African energy bank

Obansanjo, Dangote to feature at 29th Afreximbank Annual meetings
Written by Maritime First

… As FCTA woos private sector entities to tackle housing deficit***

The African Petroleum Producers’ Organisation (APPO), and African Export-Import Bank (Afreximbank) have called for the establishment of an African Energy Transition Bank.

The call is contained in a joint communiqué issued by the Press Office of Afreximbank at the end of a meeting with APPO in Luanda, Angola.

Also read: Afreximbank appoints new CEO, chief investment officer

According to the communiqué, the aim is to support an Africa-led Energy Transition strategy that is consistent with the goal of preserving the environment and livelihoods.

The communiqué said that the two institutions had committed to taking necessary actions to promote a sustainable and balanced solution to the challenge of financing the oil and gas industry in Africa during the energy transition.

It said the decision had become necessary because of the threat posed to the African oil and gas industry and Africa’s economic development by the coordinated withdrawal of international trade and project financing from Africa’s oil and gas industry.

The communiqué also acknowledged the impact of climate change on Africa, adding that poverty fostered accelerated environmental degradation.

It also reiterated both institutions’ commitment to environmental sustainability within the framework of the UN Sustainable Development Goals (UN SDGs) and African Union (AU) Agenda 2063, the Africa We Want.

“The two African institutions have resolved to work together to find an Africa-led solution to the threat posed to the African oil and gas industry and an orderly energy transition in Africa.

“Through the withdrawal of funding by its traditional financiers.’’

In another development, the Federal Capital Territory Administration (FCTA) has expressed readiness to woo private sector entities to address the housing deficit confronting the nation’s capital.

The FCT Minister of State, Dr Ramatu Aliyu, gave this indication at the inauguration of the Oak Homes brand and the groundbreaking of the maiden development of The Oak Villas and Victor’s Court held in Abuja on Tuesday.

Aliyu identified the high cost of land registration and irregularity of land titles, policy implementation somersaults, licencing issues, and inadequate funding as some of the challenges facing the housing sub-sector.

Represented by her Special Assistant on Technical Matters, Mr Mubdiyu Mustapha, the minister assured that the FCT Administration was working assiduously to address some of the challenges.

According to her, this will enable the private sector entities to feel encouraged to invest more in affordable housing provision

“In this wise, the FCT Administration is willing to engage in Public-Private-Partnerships that can guarantee accelerated delivery through the provision of land and on-site infrastructure.

“With these costs borne by the administration, it is expected that developers such as Oak Homes are able to bring cheap funds to the table for the construction of the houses.

“Thereby guaranteeing unit selling prices that are affordable to the target market segment.

” We shall therefore continue to work with the private sector and development partners to ensure that continuous progress is made in this direction,” she said.

She pledged commitment to national development and sustainable provision of housing as mandated by President Muhammadu Buhari.

The minister, however, acknowledged that housing provision was a fundamental socio-economic right and a key pillar upon which the effort to lift millions out of multidimensional poverty, shall be judged.

Earlier, the Chief Executive Officer of Oak Holdings, Mr Olukayode Olusanya, explained that the project was designed to echo architectural magnificence in luxury buildings and finesse in real estate engineering.

Olusanua stressed that the Oak Villas would also redefine the concept of luxury living in Abuja.

The Executive Officer described the Oak Villas as private developments of expansive living areas with careful attention to detail and ignition of affluence.

“The Oak villas perfectly embody the technical ingenuity and extreme inequality of the 21st century. A heady confluence of engineering prowess, architectural phenomenon and an unparalleled concentration of personal wealth.”

He expressed the hope that Abuja would be receptive to what the company had to offer, promising to change the narrative by building castles that befit a smart modern city.

 

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