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Nigeria clinches right to host African Energy Bank

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Nigeria has emerged winner of the bid to host the headquarters of the African Energy Bank, a global multilateral institution aimed at financing Africa’s hydrocarbon resources and supporting energy transition and net-zero commitments.

Minister of State for Petroleum Resources, Oil Heineken Lokpobiri announced this on Thursday after an extraordinary meeting of the Council of Ministers of African Petroleum Producers’ Organization in Abuja.

Lokpobiri assured Nigerians and Africans at large that the hosting of the 5 billion dollar Africa Energy Bank in Nigeria would mark a transformative era in meeting energy needs.

The Bank is expected to facilitate access to funding for energy projects, catalyze economic growth and enhance energy security. The Minister says this initiative aligns with the broader objectives of the African Union’s Agenda 2063, aiming for a self-sustaining Africa.

 The African Energy Bank is expected to attract an additional 2 billion dollars in equity from African sovereign wealth funds, national oil companies, and other institutional investors, with Afrexim-Bank committing 1.250 billion dollars as a major investor in class A shares alongside APPO member.

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