Nigeria has taken a major step toward launching the African Energy Bank, with all key legal and governance frameworks now finalized. The announcement came during a high-level meeting in Abuja, chaired by Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
The session, attended by Afreximbank President Prof. Benedict Oramah and APPO Secretary General Dr. Omar Farouk Ibrahim, confirmed that all critical milestones for the bank’s establishment are either completed or on track.
Mr.Lokpobiri hailed the African Energy Bank as a transformative institution for financing energy projects across the continent, noting that Nigeria’s hosting of the headquarters reinforces its leadership role in Africa’s hydrocarbon sector.
Backed by strong support from member countries and private investors, the bank has already mobilized $19 billion, with its Abuja headquarters nearing completion.
APPO’s Secretary General praised Nigeria’s commitment as a bold step towards ensuring affordable and sustainable energy access across Africa. Afreximbank reaffirmed its readiness to provide both technical and financial backing to ensure the bank launches with credibility on the global stage.
A definitive timeline for the first board meeting has been set and is expected to be announced soon, marking a renewed push to close Africa’s energy financing gap through support for both conventional and renewable energy projects.