The Federal Government has confirmed that it is providing $69.1m in equity investment to help set up the Africa Energy Bank, showing its commitment to having the bank’s main office in Nigeria.
The move comes after Nigeria won the bid to host the AEB in July 2024, with operations expected to begin in early 2025.
At the 46th Ordinary Session of the Ministerial Council of the African Petroleum Producers’ Organization in Yaoundé, Cameroon, Nigeria’s Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, emphasized Nigeria’s excitement for the project.
Speaking to ministers from all 18 member states of APPO, Lokpobiri announced, “We are ready to be the host of the Africa Energy Bank, and our dedication to improving Africa’s energy industry is unwavering.”
The AEB’s mission is to bridge funding gaps in Africa’s oil and gas sectors, thereby encouraging energy infrastructure growth across the continent.
Lokpobiri stated that Nigeria, under President Bola Tinubu’s leadership, has played an important part in the Bank’s strategic vision, emphasising that the equity funding underlines Nigeria’s leadership in supporting Africa’s energy initiatives.
In addition to providing financial support, Nigeria has approved the AEB Establishment Agreement and Charter, a move that APPO has praised as a crucial step towards being fully prepared for operation.
The Treaty being enforced provides the necessary legal structure to help the Bank achieve its objectives of improving energy security and advancing sustainable development throughout Africa.
Lokpobiri also encouraged other APPO member nations to quickly fulfill their financial obligations.
“I urge all member states to sign up for and financially contribute their portions to the AEB,” he added.
He declared that by working together, stakeholders can make impressive advancements in the energy industry and enhance their role as a key energy hub on the continent.
Nigeria, as the host, will lead AEB’s goal of advancing Africa towards a future with sustainable and resilient energy infrastructure.
