Nigeria will launch the Africa Energy Bank (AEB) in Abuja on January 28, 2025, coinciding with the 38th anniversary of the African Petroleum Producers Organization (APPO).
This $5 billion initiative aims to address financing gaps in Africa’s oil and gas sector.
A new chapter in Africa’s energy landscape will begin as Nigeria prepares to launch the Africa Energy Bank (AEB) on January 28, 2025.
With a substantial investment of $5 billion, the AEB aims to address critical financing gaps in the continent’s oil and gas sector.
The announcement was made by Nicholas Ella, Nigeria’s Permanent Secretary of the Ministry of Petroleum Resources, during the African Petroleum Producers Organization (APPO) meeting in Yaoundé, Cameroon.
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In his address, Ella expressed Nigeria’s commitment to APPO’s objectives and shared the news of Nigeria winning the rights to host the AEB headquarters after competing against Ghana, Algeria, South Africa, and Benin.
Currently, the headquarters building is undergoing renovation, and Ella assured that it will be ready in time for the launch, supported by the Nigerian government.
Additionally, he noted that the bank’s opening date coincides with the 38th anniversary of APPO.
On the financial side, Nigeria has already contributed $59.12 million and an additional $10 million to the AEB.
Moreover, Ella expressed confidence in meeting its financial obligations ahead of the launch and advocated for the bank’s establishment to be included in APPO’s budget.
Furthermore, Omar Farouk Ibrahim, APPO’s Secretary General, confirmed that half of the required funds for the AEB are secured and urged member countries to continue their efforts to ensure a successful launch.
Ultimately, the AEB promises to foster growth and investment in Africa’s energy sector.
