Nigeria has been granted the right to play host to the proposed African Energy Bank (AEB).
The Council of Ministers of the African Petroleum Producers Organization (APPO) gave Nigeria the right during its extraordinary meeting on Wednesday, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, announced this in Abuja on Thursday.
Lokpobiri who lauded the decision as a significant step to move the continent’s energy sector forward, said this underscores the pivotal role Nigeria is playing in Africa’s energy landscape.
The Minister expressed gratitude to President Bola Tinubu for his support to Nigeria’s bid to host the Bank.
He said the Council’s decision to cede the hosting right to Nigeria over five other countries is not only a demonstration of confidence in the country’s capacity, but also a recognition of the country’s preeminent position as Africa’s leading player in the energy industry.
“This decision reflects our collective ambition to create African solutions to African energy challenges,” Lokpobiri said.
“The African Energy Bank will be instrumental to the effort to provide the necessary financial backbone for energy projects that will drive growth and development across the continent,” the Minister added.
Nigeria emerged as the preferred host nation amidst stiff competition from Ghana, Benin Republic, Algeria, South Africa, and Cote D’Ivoire.
The Minister said Nigeria’s selection highlights Nigeria’s robust energy sector and its strategic vision for the continent’s energy future, assuring 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.
“Our goal is to foster sustainable energy solutions that are both innovative and inclusive,” he said.
The Bank is expected to facilitate access to funding for energy projects throughout the continent, to catalyse economic growth and enhance the continent’s energy security.
He noted that the Bank initiative aligned with the broader objectives of the African Union’s Agenda 2063 for a prosperous and self-sustaining Africa.
Lokpobiri highlighted the collaborative spirit of the APPO members and their shared vision for a united, energy-secured Africa.
AEB is a global multilateral institution spearheaded by the APPO with the support of African Export-Import Bank (AFREXIMBANK) aimed at financing Africa’s hydrocarbon resources and supporting energy transition and net-zero commitments.
