Nigeria has emerged as the winner of the bid to host the headquarters of the African Energy Bank (AEB), a global multilateral institution aimed at financing Africa’s hydrocarbon resources and supporting energy transition and net-zero commitments.
The African Petroleum Producers Organization (APPO) and Afrexim Bank, the joint promoters of the AEB, have validated Nigeria’s readiness to host the Bank’s headquarters.
Nigeria’s Minister of State for Petroleum Resources, (Oil) Heineken Lokpobiri announced this on Thursday while briefing Journalists after a meeting of Council of Ministers of African Petroleum Producers’ Organization( APPO) in Abuja.
The hosting of the $5 billion Africa Energy Bank in Nigeria is expected to bring numerous benefits, including: Boosting Nigeria’s Gross Domestic Product (GDP), Enhancing employment opportunities, Strengthening financial architecture and inclusion, among others
The African Energy Bank is expected to attract an additional $2 billion in equity from the African Sovereign Wealth Funds, national oil companies, and other institutional investors, with Afrexim-Bank committing $1.250 billion as a major investor in Class A shares, alongside APPO members.
This development is expected to reshape Nigeria’s oil and gas ecosystem and position the country as a key player in Africa’s energy landscape.
(Editor: Ken Eseni)
