The Nigerian government has confirmed its readiness to host the headquarters of the Africa Energy Bank (AEB), a significant step following its bid in July 2024. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), announced the country’s commitment at the 46th Ordinary Session of the Ministerial Council of the African Petroleum Producers’ Organization (APPO) in Yaoundé, Cameroon.
According to a statement from Nneamaka Okafor, Lokpobiri’s Special Adviser on Media and Communication, the minister affirmed, “We are prepared to host the Africa Energy Bank, and our dedication to enhancing funding for Africa’s energy sector remains unwavering.”
Under President Bola Tinubu’s administration, Nigeria has taken substantial actions to support the AEB’s establishment, including a $69.1 million equity contribution to the Bank. Lokpobiri highlighted this financial backing as a testament to Nigeria’s leadership in supporting energy initiatives crucial for the continent.
In addition to financial support, Nigeria has signed and ratified the AEB Establishment Agreement and Charter, a move commended by APPO as pivotal in laying the legal and operational groundwork for the Bank’s launch. This development enables the AEB to advance its mission of bolstering energy security and fostering sustainable development across Africa.
Lokpobiri also called on other APPO member nations to expedite their financial contributions, saying, “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.”
The establishment of the AEB is seen as a unified effort to secure long-term energy solutions for Africa, with Nigeria’s bid to host the headquarters underscoring its commitment to regional energy growth and cooperation.
