The Council of Ministers of the African Petroleum Producers Organization (APPO) is expected to convene in a virtual meeting by 2pm Nigerian time today, Monday 15th June 2020. The meeting was called by Equatorial Guinea, and will be held online due to the COVID-19 pandemic and measures put in place in various African countries.
Discussions are expected to be centred around the impact of COVID-19 on Member Countries and the African economy, and what measures can be put in place to help cushion the effect of the pandemic.
The COVID-19 pandemic has dealt a blow on the economic plans of 2020 of every APPO Member Country. The globally low oil prices due to a fall in demand, and production cut deal agreed by the OPEC+ as a means to aid the recovery and stability of the market have caused a lot of oil-producing nations in the continent to cut their projections and spending for the year.
Member countries expected to attend the meeting are Algeria, Angola, Benin, Cameroon, Chad, Congo, the Democratic Republic, Congo, Côte d’Ivoire, Egypt, Equatorial Guinea, Gabon, Libya, Niger, Nigeria and South Africa.
APPO aspires to be the world’s major institution of reference on African hydrocarbon matters. Its strategic objectives to achieving this are to: endeavour meaningful cooperation among member countries; develop African energy, to provide high-level studies and partnerships; provide socio-economic development; protect the environment; give the international best practices; and provide organisational visibility.
Dr. Emmanuel Ibe Kachikwu, the erstwhile Minister of State for Petroleum Resources in Nigeria, was the President of APPO in 2017 – 2018 during the APPO reform. The presidency of the organisation was given to the former minister to enable him head the reform, and the organisation’s headquarter was temporarily moved to Nigeria.
The reform ended in December 2019 which saw the emergence of Dr Omar Farouk Ibrahim as the new Secretary-General of APPO. Before his emergence, Dr Farouk was the OPEC governor to Nigeria. The council of Ministers decided earlier this year to move the permanent headquarters of the organization to Congo, Brazzaville.
AEICORP is the investment platform of APPO. It is a Development Financial Institution that was established in January last year by the APPO Council of Ministers, following the reform of the APPO fund. It aims to be the continent’s primary provider of finance for Africa’s energy sector through the mobilization of private-sector funds towards the development of its target sectors which are: The Oil and Gas Industry, the Alternative Energy and the Mining and Power sector.
With an authorised capital of $1 billion, AEICORP provides an avenue for investors to invest in a minimal-risk environment by providing:
- Solid Capital Base & Liquidity Profile
- Preferred Creditor Status
- Development Impact, and
- Strong Financial Performance Returns to Investors
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