Museveni: Africa’s development depends on energy

Museveni: Africa’s development depends on energy

JOHANNESBURG, South Africa, October 18, 2022/ — A group of senior African energy ministers delivered introductory remarks to formally launch the 2022 iteration of African Energy Week (AEW) 2022.

The opening ceremony, sponsored by the Nigerian National Petroleum Corporation Limited, with the theme “Exploring and Investing in Africa’s Energy Future while Driving an Enabling Environment,” set the tone for the remainder of the conference with messages about making energy poverty history and creating an aligned message representing key themes from the opening session.

Speakers included Prof. Benedict Oramah, President of the African Export-Import Bank, H.E. Gwede Mantashe, Minister of Mineral Resources and Energy of South Africa, H.E. Bruno Jean-Richard Itoua, President of OPEC and Minister of Hydrocarbons of the Congo, Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producing Organization, H.E. Yoweri Kaguta Museveni Tibuhaburwa, President

The panel’s statements underscored how important the timing of AEW 2022 is for Africa’s energy sector.

Africa’s energy sector is on the verge of a revolution with a number of large-scale initiatives under way, agreements being signed, and multi-sector projects being started.

“I’m pleased to be here with you for this significant event. Energy is essential for society’s progress, and because it is currently the least developed continent in the world, Africa has higher energy needs. Therefore, the conversation about energy development and access must go on. According to the most recent data, Africa is the region that is most crucial for environmental protection because its emissions make up less than 3% of world emissions. Africa should be commended for this, said H.E. Museveni.

However, Africa still struggles with energy poverty and insufficient funding despite the feat of cutting so few emissions.

Prof. Oramah stressed the need to increase investment in Africa’s energy sector in line with this, saying that the AEW conference “serves as an important venue for African countries to jointly define their viewpoint to communicate with the rest of the world at the COP27 event. The group of oil and gas producers will develop a unified message for the future through this event this week. Decarbonization cannot be pursued for the cemetery. Our transformation needs to be logical and practical. It must address both the continent’s capacity to confront climate change and the development gap.

H.E. Minister Bruno Itoua, Jean-Richard

Dr. Ibrahim noted that since the traditional financiers of oil and gas projects in Africa stated their determination to stop funding fossil fuels in Africa, “we have grown quite frightened,” while speaking about the need for better financing. The majority of our economists and financial experts have let us down, and the price of this failure is simple to accept. Many other regions, including our own so-called poor nations, have capital. Prioritizing our spending is necessary. Africa needs to start controlling its own destiny. We cannot abandon 620 trillion cubic feet of gas and more than 125 billion barrels of oil.

The necessity for “A strategy for Africa” and the continent’s energy problems were thus stressed by opening speakers. We are attending COP27, and in my opinion it should serve as the catalyst for creating an African energy action center. The moment has come for Africa to speak up and express what its people truly desire, believe, and expect from their use of the continent’s natural resources, particularly oil and gas, said H.E. Itoua.

In the meantime, H.E. Nyusi discussed how the situation in Russia and Ukraine has affected international markets, saying that “Africa is not suffering from a resource shortage. Along with other resources that can be crucial in addressing energy poverty, Africa is home to 850 trillion cubic feet of gas. In order to draw in more investment, it is essential to keep reforming the regulatory environment.

The inaugural speech was given by H.E. Mantashe, who concluded by saying, “It is my honor to welcome you once again to this renowned event that seeks to make energy poverty history. It is my goal to alleviate energy poverty in Africa. It is an occasion where we acknowledge that energy is a catalyst for societal and economic advancement. If we don’t break down the figure of 600 million people without access to power, then we’re just talking for the sake of talking. Electricity is only one aspect of energy. Access is required for both the connection and the capacity to utilize power for a variety of purposes, including heating and cooking.

After these inaugural comments, the official opening of AEW 2022 will be followed by an exciting deal-signing session.

Distributed by APO Group on behalf of African Energy Week (AEW).