Nigeria has emerged as the preferred host nation for the headquarters of the newly established $5 billion African Energy Bank (AEB) in Abuja, beating out stiff competition from Ghana, Benin, Algeria, South Africa, and Côte d’Ivoire.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made the announcement while speaking to journalists after a virtual meeting of the council of ministers of the African Petroleum Producers Organisation (APPO) on Thursday.
Lokpobiri expressed his pride in the achievement, stating that the African Energy Bank will be a cornerstone for financing and advancing energy projects across Africa, promoting innovation, sustainability, and economic growth.
“This development is a remarkable victory for Nigeria and the entire African continent. It symbolizes our collective efforts to harness and develop our rich energy resources for a brighter, more sustainable future. Thank you to everyone who made this possible. Together, we are shaping the future of energy in Africa, starting right here in Nigeria,” he said.
The bank’s share capital, set at $5 billion, is expected to be subscribed over three years, with an initial capital of $1.5 billion reserved for APPO member countries. AfreximBank has approved an investment of $1.75 billion for this purpose and has partnered with over 700 banks across Africa to chart a profitable pathway for the African energy sector.
This development is a significant milestone for Nigeria and the African continent, as it seeks to promote energy development and economic growth in the region.
