The Nigerian government has said the country is set to host the headquarters of the Africa Energy Bank (AEB) following a “successful bid” earlier this year
The government said preparations are progressing towards the Bank’s operational launch in early 2025, saying it is a significant milestone for Africa’s energy sector.
At the 46th ordinary session of the Ministerial Council of the African Petroleum Producers’ Organisation (APPO) in Yaoundé, Cameroon, Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, reaffirmed Nigeria’s dedication to the bank’s establishment.
Addressing the Ministers of the 18 APPO member states, Lokpobiri expressed Nigeria’s enthusiasm for the project, stating, “We are prepared to host the Africa Energy Bank, and our dedication to enhancing funding for Africa’s energy sector remains unwavering.”
In a statement on Saturday by the Minister’s spokesperson, Nneamaka Okafor, the Nigerian government confirmed its readiness, saying the AEB aimed to bridge financing gaps within Africa’s oil and gas industry, advancing energy infrastructure across the continent.
Lokpobiri highlighted Nigeria’s commitment under President Bola Tinubu’s leadership, stating, “Our commitment is underscored by Nigeria’s contribution of $69.1million in equity funding to the Africa Energy Bank, which demonstrates our leadership role in supporting critical energy initiatives on the continent.”
Nigeria has also signed and ratified the AEB Establishment Agreement and Charter, with APPO praising this as a significant move.
With the Treaty in effect, the Bank’s legal and operational framework is set, supporting its objectives to enhance energy security and promote sustainable development across Africa.
Lokpobiri called on other APPO member countries to strengthen their commitments. “I urge all member countries to expedite their subscription and payment of their allocated shares to the AEB. Together, we can achieve remarkable advancements in our energy sectors and establish ourselves as a continental energy hub,” he stated
The statement added that Africa Energy Bank reflects a unified effort towards Africa’s energy security, with Nigeria’s role as host nation reinforcing its commitment to regional energy independence