Dr. Omar Farouk Ibrahim, the Secretary General of the African Petroleum Producers’ Organisation (APPO), has emphasised the critical importance of Africa’s continued investment in the oil and gas sector to accelerate the socio-economic development of its population.
Farouq highlighted that relying solely on Europeans, Asians, and Americans for investment in the oil and gas industry hinders Africa’s rapid development.
Energy News Africa reports that to illustrate his point, Dr. Ibrahim draws a parallel with Singapore’s industrial transformation, which took place more than four decades ago.
Dr. Ibrahim pointed out that Africa is abundantly endowed with oil and gas resources, thus, urging industry stakeholders to swiftly collaborate with governments across the continent, pooling their resources to invest in initiatives that enhance the lives of millions.
“In situations where a significant portion, perhaps 60% or more of the population, remains economically marginalized, with only a small percentage in the so-called middle class, and a few individuals exert significant control over resources, meaningful change becomes elusive,” he emphasizes.
Dr Farouq called for a collective effort to empower the population over a specified period, with government support in the form of subsidies for oil and gas, thereby reshaping the development foundations of the entire continent.