Nigeria has secured the bid to host the headquarters of the Africa Energy Bank (AEB), a significant achievement for the country’s energy sector. This announcement was made by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, following a virtual meeting of the council of ministers of the African Petroleum Producers Organisation (APPO) on Thursday.
Nigeria emerged as the preferred host nation after a competitive selection process, surpassing strong contenders such as Ghana, Benin, Algeria, South Africa, and Cote d’Ivoire. This victory underscores Nigeria’s robust energy sector and its strategic vision for the continent’s energy future.
According to the government, the Africa Energy Bank is expected to play a crucial role in facilitating access to funding for energy projects across the continent, thereby catalyzing economic growth and enhancing energy security. Minister Lokpobiri emphasized that this initiative aligns with the African Union’s Agenda 2063, which aims for a prosperous and self-sustaining Africa.
“I am delighted to share that Nigeria has been selected to host the headquarters of the African Energy Bank. This prestigious honor is a testament to our country’s leadership and commitment in the energy sector,” Lokpobiri stated. “As the Minister for Petroleum Resources (Oil), I am incredibly proud of this achievement. The African Energy Bank will be a cornerstone for financing and advancing energy projects across Africa, promoting innovation, sustainability, and economic growth.”
Lokpobiri assured Nigerians and Africans at large that the establishment of the AEB would mark a transformative era in meeting energy needs. “We are committed to ensuring that this bank will not only move Nigeria forward but will also be a beacon of progress for the entire continent. Our goal is to foster sustainable energy solutions that are both innovative and inclusive,” he added.
The minister highlighted the collaborative spirit of the APPO members and their shared vision for a united, energy-secured Africa. He also expressed gratitude to President Bola Tinubu for his unwavering support and to the council of ministers for their trust in Nigeria’s ability to lead this pivotal initiative.
“Thank you to everyone who made this possible. Together, we are shaping the future of energy in Africa, starting right here in Nigeria,” Lokpobiri said.
Last month, the Nigerian government expressed its readiness to host the bank. During the bidding exercise at a dinner for the heads of mission of the envoys of APPO members in Abuja, President Tinubu, represented by Lokpobiri, emphasized that hosting the bank in Nigeria would ensure proximity to opportunities essential for formulating and implementing effective solutions to Africa’s energy challenges.
The bank’s share capital is set at $5 billion, to be subscribed over three years, with an initial capital of $1.5 billion reserved for APPO member countries. AfreximBank has been supporting APPO in establishing the bank and has approved an investment of $1.75 billion for this purpose.
