Nigeria Ready To Host Africa Energy Bank, Says FG

The Federal Government has confirmed Nigeria’s readiness to host the headquarters of the Africa Energy Bank (AEB). 

This followed the country’s bid in July 2024.

The Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri reaffirmed Nigeria’s commitment to the Bank’s establishment, according to a statement from the Special Adviser on Media and Communication to the minister Nneamaka Okafor.

“We are prepared to host the Africa Energy Bank, and our dedication to enhancing funding for Africa’s energy sector remains unwavering,” the minister was quoted as saying during the 46th Ordinary Session of the Ministerial Council of the African Petroleum Producers’ Organization (APPO) held in Yaoundé, Cameroon.

Lokpobiri emphasized that the Federal Government, under President Bola Tinubu’s administration, has taken significant steps to lay the groundwork for the Bank’s strategic objectives.

“Our commitment is underscored by Nigeria’s contribution of $69.1 million in equity funding to the Africa Energy Bank, which demonstrates our leadership role in supporting critical energy initiatives on the continent,” he said.

Beyond financial contributions, Nigeria has also formally signed and ratified the AEB Establishment Agreement and Charter, a development that APPO has praised as a significant leap toward establishing the Bank. With the Treaty now in effect, the legal and operational framework is set, paving the way for the AEB’s launch and enabling it to advance its objectives of enhancing energy security and promoting sustainable development across the continent.

READ ALSO: Marketers Spend Days At Dangote Refinery Unable To Load Petrol — IPMAN 

Lokpobiri also called on other APPO member countries to join Nigeria in accelerating their financial commitments to the Bank.

“I urge all member countries to expedite their subscription and payment of their allocated shares to the AEB. Together, we can achieve remarkable advancements in our energy sectors and establish ourselves as a continental energy hub,”the minister added.

The Africa Energy Bank represents a unified effort to support Africa’s long-term energy security, and Nigeria’s commitment as a host nation underscores its dedication to fostering regional energy independence.