Nigeria ready to host Africa Energy Bank – Lokpobiri

The Federal Government has confirmed its readiness to host the headquarters of the Africa Energy Bank (AEB), following the country’s successful bid in July 2024.

Preparations are well underway to ensure a seamless operational launch of the Bank in the first quarter of 2025, marking a significant milestone in Africa’s energy sector development.

At the 46th Ordinary Session of the Ministerial Council of the African Petroleum Producers’ Organization (APPO) held in Yaoundé, Cameroon, Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, reaffirmed Nigeria’s commitment to the Bank’s establishment.

While speaking to 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.”

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This was made known in a statement by the SA Media and Communication to the Minister, Nneamaka Okafor, on Saturday, November 2, 2024.

A cornerstone of the Bank’s mission is to bridge financing gaps within Africa’s oil and gas industry, facilitating advancements in energy infrastructure across the continent. Lokpobiri emphasized that the Federal Government, under President Bola Ahmed Tinubu’s leadership, has taken significant steps to lay the groundwork for the Bank’s strategic objectives.

“Our commitment is underscored by Nigeria’s contribution of $69.1 million in equity funding to the Africa Energy Bank, which demonstrates our leadership role in supporting critical energy initiatives on the continent,” he noted.

Beyond financial contributions, Nigeria has also formally signed and ratified the AEB Establishment Agreement and Charter, a development that APPO has praised as a significant leap toward establishing the Bank.

With the Treaty now in effect, the legal and operational framework is set, paving the way for the AEB’s launch and enabling it to advance its objectives of enhancing energy security and promoting sustainable development across the continent.

Lokpobiri further called on other APPO member countries to join Nigeria in accelerating their financial commitments to the Bank.

“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.