Mkpoikana Udoma
Port Harcourt — Preparations for the official launch of the African Energy Bank, AEB, have reached an advanced stage, with Nigeria reaffirming its central role in hosting the institution poised to reshape energy financing across the continent.
The Minister of State for Petroleum Resources (Oil) Sen. Heineken Lokpobiri, disclosed this after receiving the President of Afreximbank, Prof. Benedict Oramah, and the Secretary General of the African Petroleum Producers’ Organization, APPO, Dr. Omar Farouk Ibrahim, in Abuja.
The high-level meeting focused on reviewing the progress made so far in the establishment of the bank, which is expected to boost investment in Africa’s oil and gas sector and support energy transition initiatives tailored to the continent’s needs.
Lokpobiri said, “The review highlighted the solid groundwork already laid and the deliberate coordination among all parties involved. With each engagement, confidence continues to build.”
He praised the collaborative effort among stakeholders, describing the pace, precision, and shared purpose as a reflection of the continent’s commitment to long-term energy security and economic sustainability.
“Our resolve is clear, to ensure a successful launch and lasting impact for Africa through the African Energy Bank,” he added.
The African Energy Bank, an initiative of APPO and Afreximbank, is being established to address the continent’s energy investment gap, especially as international financing for fossil fuels dwindles amid global energy transition policies.
Nigeria won the bid to host the headquarters of the AEB, which would position the country as a financial and energy hub for the continent, while also attracting critical funding for national oil and gas infrastructure projects.
Stakeholders expect the AEB to be formally launched later this year.
