Nigeria ready to Receive Africa Energy Bank – FG
The Federal Government has confirmed its readiness to host the headquarters of the Africa Energy Bank, following the country’s successful bid in July 2024.
The Africa Energy Bank represents a unified effort to support Africa’s long-term energy security, and Nigeria’s commitment as a host nation underscores its dedication to fostering regional energy independence.
With final preparations underway, Nigeria is poised to welcome the AEB, bringing the continent closer to a future where sustainable energy infrastructure is within reach for all.
A statement by Nneamaka Okafor, the Special Adviser on Media and Communication to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, on Saturday, November 2, 2024, noted that preparations are 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.
It also stated that at the 46th Ordinary Session of the Ministerial Council of the African Petroleum Producers Organisation held in Yaoundé, Cameroon, the 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.”
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 emphasised 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.
