A Review of the Nigerian Energy Industry

Africa oil fund to fight hunger

30 September 2015, News Wires – Oil players active in some nascent African acreage can now help fight child malnutrition after four countries on the continent signed up to a scheme to divert some oil taxes to a United Nations (UN) fund.

CRUDE-OILCongo-Brazzaville, Guinea, Niger and Mali have agreed to put a portion of revenues from oil, gold, phosphate and uranium production into the Unicef fund, starting in 2017.

For every barrel of oil produced, $0.01 will go towards the Unitlife fund, with $0.60 per gram of gold also helping to battle child malnutrition.

It is hoped that the fund will eventually raise around $100 million a year.

UN Under-Secretary-General and special adviser on innovative financing and development Philippe Douste-Blazy is also hoping the scheme can eventually be extended to include the continent’s oil-producing powerhouses, such as Nigeria and Angola.

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