Nigeria Secures Hosting Rights For Africa Energy Bank Headquarters

Nigeria won the bid to host the headquarters of the Africa Energy Bank (AEB), Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri announced Thursday.

Lokpobiri made the announcement following a virtual meeting of the council of ministers of the African Petroleum Producers Organization (APPO), and said Nigeria was selected over Ghana, Benin, Algeria, South Africa and Cote d'Ivoire.

The selection highlights Nigeria's strong energy sector and its strategic plans for the continent's energy future, Premium Times reported.

The bank aims to support energy projects with funding to boost economic growth and ensure energy security.

"I am delighted to share that Nigeria has been selected to host the headquarters of the African Energy Bank. This prestigious honor is a testament to our country's leadership and commitment in the energy sector," Lokpobiri said, Premium Times reported.

"As the Minister for Petroleum Resources (Oil), I am incredibly proud of this achievement. The African Energy Bank will be a cornerstone for financing and advancing energy projects across Africa, promoting innovation, sustainability, and economic growth."

Lokpobiri stated that this was a remarkable achievement for Nigeria and Africa as a whole, adding that it represented collective efforts to utilize and develop our abundant energy resources for a brighter and more sustainable future.

He assured Nigerians and Africans in general that the establishment of the AEB would mark a transformative era in meeting energy demands.

The minister emphasized that the Nigerian government is dedicated to ensuring that this bank not only advances Nigeria but also serves as a symbol of progress for the entire continent to promote sustainable energy solutions that are innovative and inclusive.

Lokpobiri also highlighted the collaborative approach among APPO members and their shared vision for a unified and energy-secure Africa.

"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.

Speaking at the bidding exercise last month, President Bola Tinubu expressed the Nigerian government's readiness to host the bank.

Tinubu mentioned that the Africa Energy Bank's total share capital is set at $5 billion, noting that this amount was anticipated to be raised over three years, with an initial $1.5 billion designated for APPO member countries.