By John Ikani
Nigeria has emerged victorious in its bid to host the headquarters of the newly established African Energy Bank (AEB) in its capital city, Abuja.
This was made known by the Minister for Petroleum Resources (Oil), Heineken Lokpobiri, via his official social media account.
The AEB, a $5 billion initiative, is set to play a pivotal role in driving energy projects across Africa. Minister Lokpobiri highlighted the bank’s potential to promote innovation, sustainability, and economic growth throughout the continent.
Nigeria’s success came after facing competition from other African nations, including Ghana, Benin, Algeria, South Africa, and Cote d’Ivoire.
Expressing his delight, Minister Lokpobiri stated, “I am thrilled to announce that Nigeria has been chosen to host the African Energy Bank’s headquarters! This prestigious honour underscores our nation’s leadership and dedication to the energy sector.”
He further emphasized the significance of the AEB, calling it “a cornerstone for financing and advancing energy projects across Africa.”
Lokpobiri believes this is a win not just for Nigeria but for the entire continent, symbolizing a collective effort to harness and develop Africa’s rich energy resources for a brighter and more sustainable future.
Heritage Times HT had previously reported on the Nigerian government’s bid to host the AEB headquarters. The campaign was spearheaded by the Ministry of Petroleum Resources, reaching out to the 18 member countries of the African Petroleum Producers Organization (APPO).
Nigeria’s position as a leading oil and gas producer, boasting over 37 billion barrels in reserves, according to Lokpobiri, played a key role in securing the hosting rights. These factors solidified Nigeria’s suitability as the base for this crucial financial institution.
What you should know
- The $5 billion African Energy Bank is an initiative by the African Petroleum Producers’ Organization (APPO).
- The bank is co-funded by Afreximbank, aiming to address the potential funding gap arising from the withdrawal of traditional financiers from African oil and gas projects.
- Afreximbank is a major investor, contributing $1.7 billion to the Energy Bank.
- APPO currently has 18 member countries, all oil or gas producers (or both) across Africa.