Ghana, South Africa, Others Oppose as Nigeria Eyes $5 billion African Energy Bank - A critical moment is at hand for Africa's oil-producing nations as they grapple with the decision to establish the continent's first-ever energy bank. This ambitious project, fueled by a promising initial investment of $5 billion, aims to transform Africa's energy landscape. However, the path forward is not without hurdles. A major bone of contention has emerged between these nations – the question of where to house the bank's headquarters, potentially sparking a tense competition that could delay or even derail this groundbreaking initiative. And this competition is already underway. Nigeria, which made the first bid to host the financial institution, is now facing resistance from a coalition of African countries who are each lobbying to house the bank's headquarters in their territories. What is this African Energy Bank all about? And why is the location of its headquarters such a contentious issue? In today's video, we will offer deep insights into these questions and many more. Before we dive into our topic today, if you haven't already, please consider subscribing to our channels and ringing the bell to be notified about all our exciting future videos.
Nigeria is facing mounting opposition from neighbours and other African countries in its bid to host the headquarters of the Africa Energy Bank, a proposed effort to assist investments in the continent's hydrocarbon infrastructure. The final decision on the location of the new institution is expected by the end of March 2024, and there has been some intense lobbying in the lead-up to that decision. A coalition including Ghana, Egypt, South Africa, Benin, Cote d'Ivoire, and Algeria has reportedly formed in strong opposition to Nigeria's ambitions to host the financial institution. These nations are the ones engaging in intense lobbying among significant stakeholders entrusted with deciding the bank's headquarters location. Apart from the aforementioned countries, other nations that will be participating in the decision-making at the end of March 2024 include Angola, Cameroon, the Republic of Congo, Democratic Republic of Congo, Equatorial Guinea, Libya, Niger Republic and Senegal, while Venezuela is an honorary member.
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