Following Nigeria’s successful application in July 2024, the Federal Government of Nigeria has affirmed that it is prepared to host the Africa Energy Bank’s (AEB) headquarters. In order to guarantee a smooth operational launch of the Bank in the first quarter of 2025—a major turning point in the growth of Africa’s energy sector—preparations are well under way.
Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Ph.D., reaffirmed Nigeria’s commitment to the establishment of the Bank at the 46th Ordinary Session of the Ministerial Council of the African Petroleum Producers’ Organization (APPO), which was held in Yaoundé, Cameroon, according to a statement made by Nneamaka Okafor, Special Assistant on Media and Communication to the Minister. “We are ready to host the Africa Energy Bank, and our dedication to enhancing funding for Africa’s energy sector remains unwavering,” Lokpobiri said in a speech to the ministers of the 18 APPO member states, expressing Nigeria’s excitement for the initiative.
Filling funding shortages in Africa’s oil and gas sector is a key component of the Bank’s mission, which enables improvements in the continent’s energy infrastructure. The Federal Government, led by President Bola Ahmed Tinubu, has taken important actions to provide the foundation for the Bank’s strategic goals, Lokpobiri underlined. Nigeria’s $69.1 million equity financial contribution to the Africa Energy Bank, which highlights our leadership position in bolstering vital energy projects on the continent, “underlines our commitment,” he said.
In addition to making monetary contributions, Nigeria officially signed and accepted the AEB Establishment Agreement and Charter, a move that APPO has hailed as a major step in the creation of the Bank. The Treaty’s implementation has established the legal and operational foundation, opening the door for the AEB’s establishment and allowing it to further its goals of improving energy security and encouraging sustainable development throughout the continent.
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In addition, Lokpobiri urged other APPO members to follow Nigeria’s lead and increase their financial obligations to the Bank. “I implore every member nation to promptly subscribe for and pay for the shares they have been allotted to the AEB. We can become a continental energy powerhouse and make incredible strides in our energy sectors if we work together,” he said.
Nigeria’s participation as the host country highlights its commitment to promoting regional energy independence, and the Africa Energy Bank is a concerted effort to promote Africa’s long-term energy security. Nigeria is getting ready to host the AEB, which will move the continent one step closer to a time when everyone can access sustainable energy infrastructure.
