- Afrexim Bank raised over $19 billion this quarter to launch the African Energy Bank in Abuja, with $14 billion in financial exposure and an additional $5 billion as take-off capital.
- The Minister urged African nations to unite, invest locally, and collaborate through APPO to end energy poverty and boost economic growth.
The Minister of State for Petroleum Resources (Oil), His Excellency Heineken Lokpobiri, announced during the opening ceremony of the Nigerian Pavilion at the Offshore Technology Conference (OTC) in Houston, Texas, that Afrexim Bank has successfully raised $19 billion to launch the Africa Energy Bank in Abuja.
According to the Minister, Afrexim Bank committed $14 billion in financial exposure and contributed an additional $5 billion as take-off capital. He confirmed that the bank would begin operations within the current quarter, marking a significant step towards resolving Africa’s long-standing energy funding gap.
As he addressed delegates at the Nigerian Pavilion, hosted by the Petroleum Technology Association of Nigeria (PETAN), Lokpobiri called on African nations to consolidate efforts in combating energy poverty. He emphasised that collective action would enable the continent to implement large-scale energy projects, cut costs, and boost operational efficiency.
“By pulling resources together, we can deliver energy solutions that meet the needs of our people and power our economies,” he stated.
Subsequently, the Minister underlined the value of regional cooperation in accelerating growth within the energy sector. He noted that sharing technologies, knowledge, and policy frameworks would help African countries progress more consistently.
Moreover, he urged member states to align their strategies by developing cohesive policies tailored to Africa’s unique circumstances. He warned that fragmented national efforts would fail to address the growing energy deficit effectively.
“This conference is not a jamboree. It is a platform for Nigeria, and by extension, Africa, to showcase its vast potential,” he declared.
In reinforcing the need for collaboration, Lokpobiri highlighted the role of the Africa Petroleum Producers Organisation (APPO). He described the organisation as a strategic vehicle designed to produce shared, African-led solutions to energy challenges.
In a separate development, Lokpobiri praised the potential return of former US President Donald Trump, suggesting that his leadership might temper what he described as a “hypocritical” global energy transition narrative. According to the Minister, Africa has been disproportionately disadvantaged by global energy policies shaped by geopolitical interests.
Meanwhile, APPO has intensified efforts to operationalise the Africa Energy Bank in response to this challenge. Lokpobiri revealed that the bank is being developed in partnership with Afrexim Bank to close funding gaps and ensure greater financial autonomy for energy investments across Africa.
Furthermore, Lokpobiri encouraged African governments to repatriate overseas investments and redirect them towards the Africa Energy Bank to strengthen regional energy security.
In a bilateral engagement on the conference sidelines, the Minister met with Ghana’s Minister of Energy and Green Transition, John Abdullahi. During the meeting, Lokpobiri urged Ghana to study Nigeria’s early missteps and reforms to inform its path in the energy sector.
In response to this advice, Abdullahi acknowledged Nigeria’s leadership and reaffirmed Ghana’s commitment to learning from its West African neighbour. “We will continue to consult Nigeria as we build a successful oil and gas industry. The collaboration between both countries remains strong,” he said.
Earlier in the programme, PETAN Chairman Wole Ogunsanya stressed the importance of Nigeria’s participation in OTC 2025. He stated that the event would highlight Africa’s growing influence in the global energy industry.
“OTC 2025 promises to bring together top-tier industry leaders, policymakers, and stakeholders at the world’s largest energy event,” Ogunsanya stated.