Nigeria Sets Stage for Africa Energy Bank Headquarters, Confirms Operational Launch for Early 2025
Nigeria is moving forward as the host nation for the Africa Energy Bank (AEB) headquarters, following a winning bid in July 2024. The bank, aimed at financing vital energy projects across the continent, is set to become operational in the first quarter of 2025. Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), made the announcement during the 46th Ordinary Session of the African Petroleum Producers’ Organization (APPO) Ministerial Council in Yaoundé, Cameroon.
In his remarks, Lokpobiri emphasized Nigeria’s leadership in bolstering Africa’s energy infrastructure and ensuring financial support for essential projects. He noted the country’s proactive stance in energy security and sustainable development across the continent, as demonstrated by its $69.1 million equity contribution to the AEB.
“I am proud to report that Nigeria has already demonstrated its commitment by contributing $69.1 million in equity funding to the AEB,” Lokpobiri shared on social media platform X. “This investment reinforces our leadership in advancing Africa’s energy initiatives and underlines our commitment to bridging critical financing gaps in the oil and gas sector.”
With the Federal Government’s ratification of the AEB’s Establishment Agreement and Charter, the foundation is firmly in place for the bank’s strategic mission. Lokpobiri urged other member states to expedite their subscriptions and share payments, stressing that collaborative investment is essential to position Africa as a global energy leader.
