Nigeria has won the bid to host the headquarters of the newly established $5 billion African Energy Bank (AEB) in Abuja. This announcement was made by Heineken Lokpobiri, the State Minister for Petroleum Resources (Oil), on Thursday via his official X account.
Lokpobiri highlighted the significance of this achievement for Nigeria and the African continent, emphasizing the bank’s role in financing and advancing energy projects across Africa.
He noted that “the AEB would promote innovation, sustainability, and economic growth.”
“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 to the energy sector,” Lokpobiri stated.
Lokpobiri added, “The African Energy Bank will be a cornerstone for financing and advancing energy projects across Africa, promoting innovation, sustainability, and economic growth. This 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.”
Nigeria emerged as the preferred host nation, beating out competition from Ghana, Benin, Algeria, South Africa, and Cote d’Ivoire.
Lokpobiri assured “both Nigerians and Africans that the establishment of the AEB would mark a transformative era in meeting energy needs.”
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The campaign to bring the AEB headquarters to Abuja was spearheaded by heads of Nigeria’s ministries of petroleum resources, targeting the 18 member countries of the African Petroleum Producers Organization (APPO).
Lokpobiri underscored Nigeria’s leading position in the oil and gas sector, “with oil reserves exceeding 37 billion barrels, as a key factor in securing the bid.”
The African Energy Bank is an initiative of the APPO, designed to address the funding gap for oil and gas projects in Africa caused by the withdrawal of traditional financiers. The Afreximbank, a main investor in the AEB, has already approved $1.7 billion for the bank.
APPO, which consists of 18 member countries across Africa, “includes nations that are either oil or gas producers, or both. The establishment of the AEB is expected to play a pivotal role in driving the continent’s energy sector forward, ensuring sustained growth and development.”