Some African oil-producing nations yesterday opposed what they described as the global conspiracy to shut down the economies of the continent’s resource-dependent countries. They urged members to take urgent action against the threat to their combined 100 billion barrels oil reserves. Some of the 15 African nations that are largely dependent on proceeds from oil and gas, called for massive investment in research and development in preparations against the impending storm occasioned by the gradual withdrawal of external funding for fossils fuels as well as the plan by Europe and America to stop the production of machinery used in the oil and gas industry. The African oil producers also mulled the establishment of a continental bank to fund oil projects. Minister of State for Petroleum, Mr. Timipre Sylva, who threw his support for closer ties among African nations said the move would drive regional collaboration on local content matters, […]