Nigeria delivers as Africa Energy Bank moves closer to launch
Sopuruchi Onwuka
The Federal Government has said it has met all its obligations toward the establishment of the Africa Energy Bank (AEB), following the provision of a fully furnished headquarters in Abuja to enable the bank’s immediate take-off.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, who made this known at the opening ceremony of the Nigerian International Energy Summit (NIES) on Tuesday in Abuja, also confirmed that Nigeria has completed its equity cash contribution for the creation of the bank.
Delegates at the summit on Monday witnessed the formal handover of the AEB headquarters to the Secretary-General of the African Petroleum Producers Organization (APPO), Mr Farid Ghezali.
The Africa Energy Bank was conceived to address the growing funding gap facing Africa’s oil and gas sector following the withdrawal of financing by multilateral lenders influenced by Western governments’ climate policies. Concerns over how to sustain petroleum operations amid the global energy transition and increased emphasis on green energy have dominated industry discussions across the continent, leading APPO to initiate the bank as a dedicated funding platform for Africa’s energy sector.
The handover ceremony was attended by the President of APPO, representatives of Afreximbank, and other stakeholders. Afreximbank is a major partner in the initiative and has made significant financial contributions to the bank’s establishment.
Speaking at the event, Mamadou Coulibaly praised Nigeria’s leadership role in driving the project and announced that the Africa Energy Bank is expected to commence operations in June. He thanked partners for providing the headquarters facility, describing the bank as a symbol of Africa’s determination to finance, develop, and secure its energy future using African capital.
Senator Lokpobiri assured shareholders that the donated headquarters is strategically located, fully equipped, and ready for immediate operations. He described the Africa Energy Bank as more than a financial institution, calling it a key pillar of Africa’s pursuit of economic independence and long-term energy security.
According to him, the bank marks the beginning of a new era in which Africans finance, produce, and sustain their own energy future.
Speakers at the ceremony emphasized the shared commitment of African countries to take greater ownership of the continent’s natural resources. They noted that the bank will deploy targeted financial instruments to support projects across the energy value chain, including exploration, refining, renewable energy integration, and local content development, with the aim of driving economic growth and job creation.
The Africa Energy Bank is a pan-African institution jointly established by APPO member states and Afreximbank to strengthen regional energy markets, promote value addition, and support sustainable development through improved access to capital.
