By Adedapo Adesanya
The African Energy Chamber (AEC) will host an event which will support European investment opportunities across the African continent and drive economic growth and socioeconomic development.
The programme, Invest in African Energy Reception Event, scheduled for the Waldorf Hilton luxury hotel in London on January 26, will give investors and African energy leaders a platform to support energy initiatives that drive economic growth and human development across the continent.
The event will focus on developing an oil and natural gas market in Africa to serve as the foundation of the continent’s energy industry and transition, facilitating a platform for strong domestic trading and investment while reducing barriers to entry into the sector and thus ushering a wave of opportunities for new players to participate in one of the world’s most burgeoning investment destinations.
Speaking on this, Mr NJ Ayuk, Executive Chairman of the AEC, said African nations must focus on developing a natural gas market to serve as the foundation of the continent’s energy industry.
“Africa will be unable to meet the UN’s sustainable development goals unless we tap into all resources available, which is why we must encourage and facilitate international investment, specifically from Europe, in oil and gas in order to fairly and economically participate in the global energy transition and drive socioeconomic development throughout the continent,” he said.
The event is part of AEC’s agenda to unite governments and credible businesses to spur growth under international standard business practices and position Africa to capitalize on energy investment through strategic partnerships and trade.
With the African continent focusing its efforts on lifting 600 million people who currently lack access to reliable and affordable electricity and 900 million who lack access to affordable clean cooking solutions out of energy poverty, the Invest in African Energy Reception will provide an opportunity for investors to explore various initiatives, which include gas-to-power and renewable energy developments, as well as oil and natural gas exploration and production prospects.
In the wake of the COVID-19 pandemic and the Russian invasion of Ukraine, demand for gas in Europe is expected to rapidly increase in the coming years, thus positioning Africa to take advantage of its immense untapped resources and become a major supplier of oil and natural gas and ensure global energy security while tackling the challenges and opportunities across the continent.
Set to serve as the first of many of the AEC’s Energy Receptions globally, business leaders, investors, and government representatives will unite in London to advance mutually beneficial trade and investment partnerships under the common goal of advancing African governance while improving energy access, human rights, food, and water security, and education on the continent.
Additionally, the reception event comes on the heels of a partnership between the pan-African trade finance institution, the African Export-Import Bank (Afreximbank), which officially partnered with the continent’s premier energy event, African Energy Week (AEW) in 2022 in a move expected to reawaken a new era of deal-signing, local content and multi-sector expansion.
Under a mandate to make energy poverty history in Africa by 2030, the partnership will see both AEW and Afreximbank uniting the power of investment and value creation, driving stronger energy developments in 2022 and beyond.
The partnership also aims to further attract investment from the UK to facilitate capacity building, the advocacy and financing of African companies, and the development of infrastructure in the continent’s energy sector.
