Nigeria to Host Africa Energy Bank Headquarters, Confirms Readiness for 2025 Launch

• Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, reaffirmed the country’s commitment to the project
  

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The Nigerian government has confirmed its preparedness to host the headquarters of the Africa Energy Bank (AEB), following a successful bid in July 2024.

The Bank is set to begin operations in early 2025, marking a pivotal step in advancing Africa’s energy sector.

At the 46th Ministerial Council Session of the African Petroleum Producers’ Organization (APPO) in Yaoundé, Cameroon, Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, reaffirmed the country’s commitment to the project. He expressed Nigeria’s dedication to supporting the energy sector, stating, “We are prepared to host the Africa Energy Bank, and our commitment to enhancing funding for Africa’s energy sector remains steadfast.”

The Bank aims to address financing challenges in Africa’s oil and gas industry, boosting energy infrastructure across the continent. Nigeria has already made significant contributions, including $69.1 million in equity funding, demonstrating its leadership role. Additionally, Nigeria has signed and ratified the AEB Establishment Agreement and Charter, further advancing the Bank’s mission.