Nigeria has won its bid to host the Africa Energy Bank (AEB) headquarters. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this while speaking to journalists after a virtual meeting on Thursday with the council of ministers of the African Petroleum Producers Organisation (APPO).
AEB, an initiative of AfreximBank and APPO, will commence with an initial investment of $5 billion, of which AfreximBank has approved an investment of $1.75 billion for the bank.
In a statement signed by Nneamaka Okafor, the special assistant on Media and Communications to the minister, Lokpobiri stated that Nigeria emerged as the preferred host nation amidst stiff competition from Ghana, Benin, Algeria, South Africa, and Cote d’Ivoire.
According to him, the selection highlights Nigeria’s robust energy sector and strategic vision for the continent’s energy future. Nigeria expects the bank to facilitate access to funding for energy projects, thereby catalysing economic growth and enhancing energy security.
The minister stressed that this initiative aligns with the broader objectives of the African Union’s Agenda 2063, aiming for a prosperous and self-sustaining continent.
The statement read in part, “I am delighted to share that Nigeria has been selected to host the headquarters of the African Energy Bank. This prestigious honour is a testament to our country’s leadership and commitment to the energy sector.
“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.
“This is a remarkable victory for Nigeria and the entire African continent. It symbolises our collective efforts to harness and develop our rich energy resources for a brighter, more sustainable future.”
He also reassured Nigerians and Africans that establishing the AEB would mark a transformative era in meeting energy needs. He highlighted the APPO members’ collaborative spirit and shared vision for a united, energy-secured Africa.
Furthermore, Lokpobiri appreciated President Bola Tinubu for his unwavering support and the council of ministers for their trust in Nigeria’s ability to lead this pivotal initiative.