The Federal Government has confirmed that the highly anticipated $5 billion Africa Energy Bank will begin operations on January 28, 2025.
This initiative marks a significant step toward improving energy access and development across the continent.
The Permanent Secretary of the Federal Ministry of Petroleum Resources and Nigeria’s Executive Board Member at the African Petroleum Producers Organization, Amb. Nicholas Ella, made this disclosure during the 19th Executive Board meeting of the organization in Yaoundé, Cameroon.
The meeting was attended by representatives from 13 member countries, highlighting the collaborative effort in advancing Africa’s energy landscape.
In a statement released by the Ministry of Petroleum Resources on Friday, the Permanent Secretary reaffirmed Nigeria’s commitment to the principles of the African Petroleum Producers Organization and announced the immediate establishment of the Africa Energy Bank in Abuja.
Recall Nigeria secured the right to host the headquarters of the Africa Energy Bank in July 2024, triumphing over competitors including Ghana, Algeria, South Africa, and the Benin Republic.
The AEB aims to bridge financing gaps in the continent’s oil and gas industry.
Ella said, “I am pleased to address the Executive Board meeting on this very important subject matter – the take-off of the Africa Energy Bank Headquarters in Abuja, Nigeria.
“As you are no doubt aware, the headquarters building (of the Africa Energy Bank) was inspected by the Technical Team on May 24, 2024, and renovation works for its completion are ongoing.
“Nigeria is fully committed to delivering the building with furnishing to the bank in good time. We have the full support and cooperation of Mr President and our National Assembly to actualise this project in Nigeria.”
