Mkpoikana Udoma
Port Harcourt — Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has announced that plans for the take-off of the Africa Energy Bank, AEB, are on track, with member states of the African Petroleum Producers’ Organization, APPO, making significant progress toward meeting their statutory obligations.
Lokpobiri, who led the Nigerian delegation to the APPO Council of Ministers meeting, disclosed that the meeting reviewed member states’ compliance levels and expressed optimism that the AEB would commence operations as scheduled.
The Minister on his official X handle revealed that Nigeria, as the host country of the AEB, was already advancing necessary processes to meet the timelines agreed upon by APPO.
“The progress we are witnessing is a testament to our collective resolve. Member states are steadily fulfilling their commitments, ensuring that the foundation of the Africa Energy Bank is robust and in line with its long-term objectives.
“Nigeria is making significant strides to meet its responsibilities. We are fully committed to ensuring that the bank becomes operational in accordance with the set timeline,” Lokpobiri tweeted.
The Africa Energy Bank is a flagship initiative of APPO, conceived to address the continent’s energy financing challenges by mobilizing resources to fund oil, gas, and energy infrastructure projects across Africa.
According to the Minister, all stakeholders are working collaboratively to realize the shared vision of a strong, fully functional continental financial institution that can drive Africa’s energy independence and growth.
“The meeting reaffirmed our collective commitment to strengthening Africa’s energy sector. We are optimistic about the milestones ahead and confident that the AEB will play a transformative role in the future of energy in Africa.”
Senator Lokpobiri commended APPO member states for their sustained support and collaboration, urging them to remain focused on the long-term benefits of the initiative.
The AEB is expected to begin operations in Nigeria later this year, positioning the country as a continental hub for energy project financing.
