Nigeria has beaten five African nations to secure the bid to host the headquarters of the newly established $5 billion African Energy Bank (AEB) in Abuja.
Nigeria competed with Ghana, Benin, Algeria, South Africa and Cote d’Ivoire to host the bank.
The AEB is being spearheaded by the African Petroleum Producers Organisation (APPO) and Afreximbank.
Nigeria’s State Minister for Petroleum Resources (oil), Heineken Lokpobiri, who broke the news on X, formerly twitter, on Thursday, 4th July 2024, said the bank would play a crucial role in financing and advancing energy projects across Africa, promoting innovation, sustainability and economic growth.
Lokpobiri assured Nigerians and Africans that the establishment of the AEB would mark a transformative era in meeting energy needs.
“I am delighted to share that Nigeria has been selected to host the headquarters of the African Energy Bank! This prestigious honour is a testament to our country’s leadership and commitment to the energy sector.
“As the Minister for Petroleum Resources (oil), I am incredibly proud of this achievement. The African Energy Bank will be a cornerstone for financing and advancing energy projects across Africa, promoting innovation, sustainability, and economic growth.
“This is a remarkable victory for Nigeria and the entire African continent.
“It symbolises our collective efforts to harness and develop our rich energy resources for a brighter, more sustainable future,” Lokpobiri said
Speaking via phone to Dr. Omar Farouk Ibrahim, the Secretary General of APPO, he confirmed Nigeria’s selection as the host country of the African Energy Bank.
He said Nigeria was selected by the Ministerial Committee and Afreximbank after rigorous selection processes.
He told this portal that, with the selection of Nigeria as the headquarters, they are hoping to quickly put all the necessary structures in place to operationalise the bank by September this year.
APPO is hoping to raise US$1.5 billion from its members, with each member expected to pay US $83.3 million, while Afreximbank is also expected to support it with US$1.5 billion.
According to Dr. Omar Farouk, Nigeria has so far paid $60 million out of the $100 million pledged, with the remaining $40 million expected to be paid in the next couple of days.
He added that Ghana and few other members had also made part payments.
He said APPO would be embarking on road shows in member countries in the next couple of weeks to mobilise funds from them.
Source: https://energynewsafrica.com