The Nigerian government has announced its readiness to host the Africa Energy Bank (AEB) in Abuja. This announcement was made during a dinner for heads of mission of the Africa Petroleum Producers Organisation (APPO) member countries’ envoys in Abuja on Tuesday.
Hosting the AEB in Nigeria is seen as a strategic move to leverage the country’s significant oil and gas reserves, human capital, and financial infrastructure. It aims to ensure proximity to key energy technocrats and experts, which is essential for addressing Africa’s energy challenges.
President Bola Tinubu, represented by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, emphasized the transformative potential of hosting the AEB. “Tonight, we stand on the precipice of a transformative opportunity, one that holds immense promise not only for Nigeria but for the entire African continent,” said Tinubu.
Lokpobiri elaborated that establishing the AEB in Nigeria aligns with the nation’s role as a leading energy producer. The bank’s share capital is set at $5 billion, with an initial $1.5 billion reserved for APPO member countries. AfreximBank has committed $1.75 billion to support the bank’s establishment.
Nigeria’s bid reflects its commitment to energy security, economic growth, and sustainable development across Africa. Lokpobiri noted that the Ministry of Petroleum Resources has worked diligently to prepare for this moment, including a positive evaluation from the APPO Afrexim-Bank Inspection Team.
He called for the collective support of all APPO member countries, highlighting Nigeria’s strategic geographical location, robust infrastructure, and dynamic energy sector as key advantages. “Our nation is committed to fostering a collaborative environment that will enable the AEB to thrive and achieve its mandate effectively,” Lokpobiri added.
The Permanent Secretary of the Ministry of Petroleum Resources, Nicholas Ella, emphasized Abuja’s strategic location and extensive transportation infrastructure, which offer unparalleled access to key energy markets and stakeholders across Africa. “By selecting Abuja as its host city, the Africa Energy Bank can serve as a linchpin of connectivity, fostering collaboration and catalysing progress on a continental scale,” said Ella.
He also highlighted Nigeria’s vast energy resources, including over 37 billion barrels of oil and 5 trillion cubic meters of natural gas, as well as a burgeoning renewable energy sector with abundant solar and wind resources.
Adamu Lamuwa, Permanent Secretary of the Ministry of Foreign Affairs, represented by Nigeria’s Ambassador to Cuba, Ben Okoye, underscored the importance of this decision. “The gravity of this decision cannot be overstated, for it holds the power to shape the trajectory of energy cooperation and development across Africa for generations to come,” he stated.
Lamuwa expressed gratitude for the dedication to this cause and confidence in Africa’s collective ability to address its energy challenges through cooperation, inclusivity, and sustainability.
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