Nigeria has been awarded the hosting rights for the African Energy Bank (AEB), surpassing competitors such as Ghana, Benin Republic, Algeria, South Africa, and Cote d’Ivoire. Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), announced this in Abuja, emphasizing Nigeria’s robust energy sector and strategic vision for Africa’s energy future.
Lokpobiri thanked President Bola Tinubu for his support during the bidding process and expressed gratitude to the Council of Ministers of the African Petroleum Producers Organisation (APPO) for their confidence in Nigeria’s capability. He highlighted the collaborative spirit of APPO members and their shared vision for a united, energy-secured Africa, noting that this decision reflects the collective ambition to create African solutions to Africa’s energy challenges.
He emphasized that the African Energy Bank will provide the financial backbone necessary for energy projects that will drive growth and development across the continent. The decision underscores Nigeria’s pivotal role in Africa’s energy landscape and marks a significant step for the continent’s energy sector.
Lokpobiri assured that the establishment of the African Energy Bank aligns with the African Union’s Agenda 2063, which aims for a prosperous and self-sustaining Africa. He committed to ensuring that the bank will foster sustainable, innovative, and inclusive energy solutions, becoming a beacon of progress for the entire continent.
The News Agency of Nigeria (NAN) reports that the bank is expected to facilitate access to funding for energy projects, catalyzing economic growth and enhancing energy security across Africa.
