The Federal Government of Nigeria has officially confirmed its readiness to host the headquarters of the Africa Energy Bank (AEB), following the country’s successful bid in July 2024. Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reaffirmed Nigeria’s commitment to the establishment of the AEB during the 46th Ordinary Session of the Ministerial Council of the African Petroleum Producers’ Organization (APPO) held in Yaoundé, Cameroon.
“We are prepared to host the Africa Energy Bank, and our dedication to enhancing funding for Africa’s energy sector remains unwavering,” Lokpobiri stated, as reported by Nneamaka Okafor, the Special Adviser on Media and Communication to the minister.
Highlighting the significance of Nigeria’s role in this initiative, Lokpobiri noted that the Federal Government has taken considerable steps to support the strategic objectives of the AEB under President Bola Tinubu’s administration. He pointed to Nigeria’s contribution of $69.1 million in equity funding as a demonstration of the country’s leadership in supporting vital energy initiatives across the continent.
In addition to its financial commitment, Nigeria has also signed and ratified the AEB Establishment Agreement and Charter, a move praised by APPO as a crucial milestone in the Bank’s formation. With the Treaty now in effect, the legal and operational framework is established, allowing the AEB to move forward in its mission to enhance energy security and promote sustainable development throughout Africa.
Lokpobiri called on other APPO member countries to accelerate their financial commitments to the AEB. “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,” he emphasized.
The Africa Energy Bank aims to consolidate efforts to bolster Africa’s long-term energy security, and Nigeria’s commitment to hosting the headquarters underscores its dedication to fostering regional energy independence.
