In a landmark announcement at the 2025 Offshore Technology Conference (OTC), Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed that Afreximbank is poised to fund the African Energy Bank with a significant capital injection of $19 billion.
Speaking at the opening ceremony of the Nigerian Pavilion, hosted by the Petroleum Technology Association of Nigeria (PETAN), Lokpobiri emphasized that the move aims to enhance energy access and economic prosperity across Africa.
“This is an opportunity to let you know that your concerns are gradually being addressed,” the minister said, referencing industry-wide funding challenges.
He revealed that Afreximbank, in partnership with the Africa Petroleum Producers Organisation (APPO), has already committed approximately $14 billion, with an additional $5 billion earmarked as the initial take-off capital for the African Energy Bank.
A Strategic Response to Africa’s Energy Poverty
The establishment of the African Energy Bank, spearheaded by APPO, is envisioned as a long-term solution to bridge persistent funding gaps in Africa’s energy sector. It is set to become operational within the current quarter.
“As members of APPO, we are partnering with Afreximbank to ensure Africa is free from energy poverty,” Lokpobiri stated
With the theme “Africa’s Energy Renaissance: Leveraging Innovation and Natural Gas for Sustainable Development”, the 2025 OTC event brought together stakeholders and decision-makers from across the continent.
United Front Against Energy Poverty
The minister called on African nations to unite in combating energy poverty through joint investments and policy alignment. He stressed the importance of collaboration in accelerating energy access and unlocking economic growth.
“By pooling resources, African countries can invest in large-scale energy projects, reduce costs, and improve efficiency,” he noted.
He also advocated for the development of cohesive energy policies tailored to Africa’s unique realities, warning that fragmented strategies will fail to address the scale of the continent’s energy deficit.
APPO’s Role in Africa’s Energy Future
Lokpobiri praised the Africa Petroleum Producers Organisation (APPO) as a strategic platform for advancing regional collaboration and devising sustainable energy solutions for Africa.
“This conference is not a jamboree. It is a platform for Nigeria, and by extension Africa, to showcase its vast potential,” the minister asserted.