Africa Needs Less Foreign Funding, Says Sylva - United African Reporter's

Africa Needs Less Foreign Funding, Says Sylva

Timipre Sylva

The Minister of State for Petroleum Resources, Timipre Sylva, said Africa needed to be innovative and rely less on foreign funding for hydrocarbon projects, according to an official statement.

The minister said this during his keynote address at the recently concluded African Local Content Roundtable, according to a statement by the Nigerian Content Development and Monitoring Board.

He was quoted as saying Africa should “quickly create innovative funding mechanisms for major projects using local resources and break away from the yoke of depending on foreign lenders who are becoming increasingly reluctant to fund hydrocarbon-related projects.”

He charged African oil-producing countries and their oil and gas companies to cooperate closely in developing and sharing capacities and capabilities that would optimise hydrocarbon deposits and achieve economic growth and development.

The maiden edition of the ALCR, hosted by the NCDMB, was graced by the presence of Nigeria’s oil industry stakeholders and other members of the African Petroleum Producers Association.

It was initiated to develop regional oil and gas investments and renegotiate the COP-21 Climate Change Agreement.
The NCDMB’s Executive Secretary, Simbi Wabote, said the ALCR was part of the board’s 10-Year strategic roadmap and would be extending local content across the continent, ensuring access to market for locally developed capacities.

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