- Afreximbank will invest $19 billion to fund the African Energy Bank, a move Minister Heineken Lokpobiri says will combat energy poverty.
- Minister Lokpobiri urged African nations to adopt unified energy policies and collaborate through APPO, highlighting the African Energy Bank’s role in bridging funding gaps.
The African Export-Import Bank (Afreximbank) will invest $19 billion in the newly established African Energy Bank. Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, announced on Monday, June 23.
Speaking at the opening ceremony of the Nigerian Pavilion at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, Lokpobiri said the investment would significantly reduce energy poverty, stimulate economic growth, and improve the livelihoods of millions across the continent.
“This funding will go a long way in helping Africa overcome its energy challenges,” he said. “By pooling our resources, we can finance large-scale energy projects that benefit the region.”
Meanwhile, the Nigerian Pavilion, hosted by the Petroleum Technology Association of Nigeria (PETAN), operates under the theme: “Africa’s Energy Renaissance: Leveraging Innovation and Natural Gas for Sustainable Development.”
During his address, Lokpobiri underscored the urgent need for African nations to harmonise energy policies tailored to the continent’s unique realities. He cautioned that fragmented approaches would fall short in addressing the growing energy deficit.
“This conference is not a jamboree. It is a platform for Nigeria and Africa to showcase their vast potential,” he said.
He also highlighted the strategic role of the Africa Petroleum Producers Organisation (APPO), which he described as instrumental in developing unified solutions to the continent’s energy challenges. Lokpobiri revealed that APPO is establishing the African Energy Bank to close financing gaps and end energy poverty across Africa in response to the global energy transition, often shaped by geopolitical interests.
Furthermore, on the sidelines of the event, Lokpobiri met with Ghana’s Minister of Energy and Green Transition, Mr. John Abdullahi. He urged Ghana to learn from Nigeria’s past reforms and avoid early mistakes in building its oil and gas industry.
In turn, Abdullahi acknowledged Nigeria’s leadership in the sector. “Ghana is still new to the oil and gas industry, but we are committed to learning from Nigeria’s local content strategies and climate policies,” he said. “We will continue to consult Nigeria as we grow.”
PETAN Chairman Wole Ogunsanya also addressed the audience, stressing the importance of Nigeria’s participation at OTC. “This year’s Nigerian Pavilion will spotlight Africa’s expanding influence in the global energy landscape,” he said. “OTC 2025 promises to gather leading industry figures, policymakers, and stakeholders at the world’s largest energy event.”