Nigeria has emerged winner of the bid to host the headquarters of the African Energy Bank (AEB).
AEB is a global multilateral institution aimed at financing Africa’s hydrocarbon resources and supporting energy transition and net-zero commitments.
This development is expected to reshape Nigeria’s oil and gas ecosystem and position the country as a key player in Africa’s energy landscape.
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The Minister of State for Petroleum Resources, Oil, Heineken Lokpobiri, announced this in Abuja on Thursday, while briefing Journalists after a meeting of the Council of Ministers of African Petroleum Producers’ Organization and Afrexim Bank, the joint promoters of the bank.
The hosting of the $5 billion Africa Energy Bank in Nigeria is expected to bring numerous benefits, including boosting Nigeria’s Gross Domestic Product (GDP), enhancing employment opportunities, strengthening financial architecture and inclusion among others.