By Boris Esono Nwenfor
In a wide-ranging interview on ARISE News, NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), delivered a passionate defence of Africa’s right to drill, stressed the strategic evolution of the Chamber’s member engagement strategy, and offered critical insight on the global oil market and its impact on African economies.
NJ Ayuk spoke at length about how the AEC is working to reposition Africa as a powerful voice in the global energy space. “We’re going 2.0. This is something special. We already have a big membership base. But we decided that we were going to do something better. We want to enhance how we interact with our members,” NJ Ayuk said.
“When we build a strong community, we build an army. That’s how we’re able to resist anything. But you remember back in the day when nobody wanted to talk about drill, baby, drill? It was a bad word. It was a curse word to everybody talking about it. It was the Chamber that stood for that.”
Ayuk emphasized that while the Chamber’s network is expanding rapidly, much more is being done behind the scenes to ensure that African energy stakeholders remain connected, competitive, and supported. He said: “We believe that this network and this platform that we’ve had, and you know what? We’ve had so much support from African independents, especially in Nigeria, and everyday Africans, many young people, 4 million strong. We have to continue expanding because we understand one thing. If we bring a world-class platform with data that we’ve partnered with major institutions like Reichstag, S&P, and Wood Mackenzie, put that in the hands of Africans.”
A Changing Oil Landscape
The interview took a sharp turn toward the volatility in global oil prices, sparked by OPEC+’s recent decision to ramp up supply by 411,000 barrels by June. As a result, benchmark Brent crude oil dropped below the psychologically critical $60 mark, prompting concerns across oil-dependent African economies.
Ayuk didn’t mince words. “You’ve seen a lot of oversupply coming from Iraq and Kazakhstan, and that has been a problem. Now, what they’re trying to do is to compensate countries like Kuwait, Saudi Arabia, the UAE, Algeria, and others that have been victims of an oversupply and also cheating that market. So, they are doing more to stabilize the oil market.”
“When we see Brent crude prices going below $60, it hurts because a lot of our budgets have been put around $70. So, anything that gets below $70, it hurts how we are going to look at our economies, and that is a problem.”
NJ Ayuk said: “We need to just also be very responsible and not have an over-reliance on oil as part of our foreign exchange earnings. We need to diversify our markets, and this is one of the reasons why we must have a diversified economy so we can deal with the shocks when we find ourselves in these situations.”
Drilling Rights and the Portugal Debate
NJ Ayuk was next asked about a recent fiery debate in Portugal where he defended Africa’s right to explore and develop its natural resources. The clash, which took place at a high-level energy event, pitted Ayuk against the former Portuguese Minister of Environment and Energy Transition.
“I feel vindicated,” NJ Ayuk said. “What happened to their renewables? The grid shut down, and it happened because the intermittent nature of solar and wind is still a problem. You need to be able to have power generation that gives you that base load that would withstand any kind of shocks on the grid, and that’s just what happens there. And it didn’t take so long for that to happen.”
Ayuk acknowledged the importance of renewables but insisted that Africa must not be forced into a rushed transition without the proper foundation. He said: “I feel vindicated. I think I’m over-reliant. The sun wouldn’t shine forever. The wind wouldn’t blow forever.”
“You might need natural gas for a long time to keep us going, and we have to get a just and orderly transition. We’re not against a transition. It has to be just and orderly. It can’t be that we should stop. And in Portugal, I had to defend Africa’s right to drill.”
Will Ayuk Apply for the African Energy Bank position?
Toward the end of the interview, attention turned to the newly announced $5 billion Africa Energy Bank, which will be headquartered in Abuja, Nigeria. With applications open for the first President and CEO of the newly announced $5 billion Africa Energy Bank, which will be headquartered in Abuja, Nigeria, the ARISE host pressed Ayuk on whether he would apply for the job.
NJ Ayuk said: “I think that job is so important. I think Afreximbank is doing an amazing job together with the African petroleum producers to find some of our finest, most qualified people to run that institution that’s going to have a transformative nature across our continent. I think they are going to find some beautiful people, men and women, that can do it, build an amazing team and set out to raise billions of dollars that we need to drive that.”
Ayuk added: “I am confident in what is going on with Afreximbank and the advisors of Pricewaterhouse and everybody. I am confident they’re going to do an amazing job, but you know what? There’s one person whom you would never hear is the president of a bank. That is me. I don’t do that. What I do, I will keep rattling the cages to make sure that Africa’s energy is moving forward.”
Throughout the broadcast, Ayuk’s message was clear – African voices must define African priorities in the global energy sector. Through the African Energy Chamber, he said, that vision is being realized one policy, one member, and one opportunity at a time.
