We’re ready to host Africa Energy Bank — Lokpobiri

The Federal Government has confirmed its readiness to host the headquarters of the Africa Energy Bank (AEB) following Nigeria’s successful bid in July 2024.

Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, who stated this at the 46th Ordinary Session of the Ministerial Council of the African Petroleum Producers’ Organisation (APPO) held in Yaoundé, Cameroon, reaffirmed Nigeria’s commitment to the AEB establishment adding that preparations are underway to ensure a seamless operational launch of the Bank in the first quarter of 2025.

Lokpobiri, while stressing that the Bola Tinubu’s administration has taken significant steps to lay the groundwork for the Bank’s strategic objectives, however added that AEB mission is to bridge financing gaps within Africa’s oil and gas industry therefore facilitating advancements in energy infrastructure across the continent.

A statement signed by the special adviser on media and communication to the minister, Nneamaka Okafor, quoted Lokpobiri as saying that beyond financial contributions, Nigeria has also formally signed and ratified the AEB Establishment Agreement and Charter, a development APPO has praised as a significant leap toward establishing the Bank.

“We are prepared to host the Africa Energy Bank, and our dedication to enhancing funding for Africa’s energy sector remains unwavering.

“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.”

The minister urged other APPO member countries to cooperate with 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,” Lokpobiri said.

With the Treaty now in effect, the legal and operational framework is set thus paving the way for the AEB’s launch enabling it to advance its objectives of enhancing energy security and promoting sustainable development across the continent.

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