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Osinbajo urges investments outside OPEC - THE NATION

JUNE 12, 2018

By: John Ofikhenua, Abuja 

Vice President Yemi Osinbajo yesterday sought for re-twinkling of the African Petroleum Producers’ Organisation (APPO) Fund in the same manner of the Organisation of Petroleum Exporting Countries (OPEC) fund in order to attract investments from non-member countries.

Speaking at the extra-ordinary session of the organisation in Abuja, he said APPO Fund is already undergoing recapitalisation to fulfill its role.

“The financial model of the fund, for example, may need some re-tweaking. It could be remodeled after similar institutions that had succeeded, like the OPEC Fund, where of course as you knowm non-OPEC members can begin to invest.

“I would also want to talk about the APPO Fund For Technical Cooperation, which I am told is also undergoing recapitalisation to enable it better fulfill the role for which it was established. The financial model of the fund, for example, may need some re-tweaking. It could be remodeled after similar institutions that had succeeded, like the OPEC Fund, where of course as you knowm non-OPEC members can begin to invest,” he said.

According to him, it is now time to liberalise the APPO for non member countries and private institutions to be able to invest in Africa.

He insisted that the APPO fund ought to operate as an autonomous entity, independent perhaps, from the APPO secretariat, in the same way that OPEC Fund operates independently of OPEC itself.

Osinbajo said: “If institutions similar to APPO and the APPO Fund have succeeded and are continuing to succeed in other parts of the world, then we have no reason, no excuse to fail as a continent.”

The reminded the group that oil and gas that are the global economies driver of today might not sustain their relevance in future.

Consequent upon this realisation, he said all serious economies all over have started planning for the world after oil.

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