Nigeria is set to host the Africa Energy Bank (AEB) headquarters, marking a significant step in Africa’s energy financing.
With a 2025 launch planned, Minister Heineken Lokpobiri emphasised Nigeria’s commitment to closing funding gaps and driving sustainable energy development across the continent.
Nigeria is preparing to play a crucial role in Africa’s energy future as it gets ready to host the Africa Energy Bank (AEB).
Following its successful bid in July 2024, the country is making strides to ensure the Bank’s launch in early 2025, with the aim of transforming energy development across the continent.
At a recent meeting in Yaoundé, Cameroon, Nigeria’s Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, addressed ministers from 18 member states of the African Petroleum Producers’ Organization (APPO).
He expressed Nigeria’s enthusiasm for hosting the AEB, stating, “We are ready to host the Africa Energy Bank, and our dedication to securing funding for Africa’s energy future is unwavering.”
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The Minister’s Special Adviser on Media and Communication, Nneamaka Okafor, communicated this on November 2, 2024.
Moreover, the Bank aims to bridge financing gaps within Africa’s energy sector, particularly in oil and gas, by supporting essential infrastructure development.
Under President Bola Ahmed Tinubu’s leadership, Nigeria has pledged $69.1 million in equity funding, thereby showcasing its commitment to a united, energy-secure Africa.
Furthermore, with the ratification of the AEB’s Establishment Agreement and Charter, the framework for the Bank is now in place.
In conclusion, Lokpobiri called on other member countries to expedite their financial contributions, emphasising, “Together, we can make unprecedented strides in our energy sectors and shape Africa as a global energy hub.”
