Nigeria Wins Bid to Host Africa’s $5bn Energy Bank

UGO AMADI

After months of international politicking, Nigeria has finally won the right to host the $5 billion African Energy Bank (AEB).

The bank, the first of its type on the continent, aims to support oil and gas production for African countries as America and Europe withdraw funding for major projects.

The Minister of State, Petroleum (Oil), Senator Heineken Lokpobiri, made the disclosure this afternoon in Abuja, according to  a statement by Nneamaka Okafor, SA Media and Communication to the Minister

According to the statement, ‘At an extraordinary meeting of the Council of Ministers of the African Petroleum Producers Organization (APPO), Nigeria has been granted the prestigious hosting rights for the African Energy Bank. The decision, lauded as a significant step for the continent’s energy sector, underscores Nigeria’s pivotal role in Africa’s energy landscape.

Senator Heineken Lokpobiri, Ph.D., the Minister of State Petroleum Resources (Oil), expressed his gratitude for the support extended by President Bola Ahmed Tinubu in Nigeria’s bid to host the Bank. His appreciation also extended to the council for their confidence in Nigeria’s capability. “This decision reflects our collective ambition to create African solutions to African energy challenges,” Senator Lokpobiri stated. “The African Energy Bank will be instrumental in providing the necessary financial backbone for energy projects that will drive growth and development across the continent.”

Nigeria emerged as the preferred host nation amidst stiff competition from Ghana, Benin, Algeria, South Africa, and Cote D’Ivoire. The selection highlights Nigeria’s robust energy sector and its strategic vision for the continent’s energy future.

Minister Lokpobiri assured Nigerians and Africans at large that the establishment of the African Energy Bank would mark a transformative era in meeting energy needs. “We are committed to ensuring that this Bank will not only move Nigeria forward but will also be a beacon of progress for the entire continent,” he emphasized. “Our goal is to foster sustainable energy solutions that are both innovative and inclusive.”

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

Senator Lokpobiri highlighted the collaborative spirit of the APPO members and their shared vision for a united, energy-secured Africa. He reiterated his gratitude to President Tinubu for his unwavering support and to the Council of Ministers for their trust in Nigeria’s ability to lead this pivotal initiative.