- The federal government reaffirmed its commitment to launching the $5bn Africa Energy Bank as Nigeria and APPO members work to meet operational targets.
- The minister led Nigeria’s delegation to the APPO meeting and pledged support for NNPC’s new leadership in advancing sector reforms.
On Thursday, April 4, the Federal government reiterated its determination to ensure the early commencement of the $5 billion Africa Energy Bank (AEB), a flagship project by member states of the African Petroleum Producers’ Organisation (APPO).
The Honourable Minister of State for Petroleum Resources (Oil) announced on his X handle that he led Nigeria’s delegation to a key APPO meeting focused on member states’ compliance with their obligations.
At the meeting, APPO members assessed progress towards launching the bank, which aims to finance oil and gas projects while supporting Africa’s energy transition. However, APPO missed its original first-quarter 2025 deadline for operationalising the institution, headquartered in Nigeria, Africa’s leading oil producer.
The Honourable Minister recalled that in February, he projected a $120 billion asset base for the bank and set expectations for a Q1 2025 launch. The bank, backed by a partnership between Afreximbank and APPO, was previously slated to begin operations by mid-2024, according to an Afreximbank official.
He explained that Nigeria has completed preparations for the bank’s headquarters building and is now finalising necessary installations. Nigeria outpaced three other African nations in securing hosting rights for the multilateral lender.
Reaffirming progress in his post, the Honourable Minister highlighted the need to establish a solid foundation for the bank that aligns with its long-term objectives. He reported that APPO member states are steadily meeting their financial and technical commitments while Nigeria continues to advance key processes needed for the bank’s operational take-off.
He emphasised that all stakeholders remain focused on making the AEB fully functional within the projected timeline and described the recent APPO meeting as a reaffirmation of collective resolve to strengthen Africa’s energy financing capacity.
In a separate development, the minister congratulated Mr Ahmadu Musa Kida on his appointment as Chairman of the Nigerian National Petroleum Company Limited (NNPC) Board. He also extended best wishes to Mr Bashir Bayo Ojulari, the newly appointed Group Chief Executive Officer (GCEO), and other incoming board members.
He pledged the Ministry of Petroleum Resources’ full cooperation and urged industry stakeholders to support the new NNPC leadership in promoting efficiency and sustainability. The minister commended President Bola Tinubu for the appointments, noting that the decisions reflect the spirit of the Petroleum Industry Act (PIA) and reinforce the sector’s legal framework.