The Federal Government on Thursday reiterated its commitment to the swift launch of the $5 billion Africa Energy Bank, an initiative under the African Petroleum Producers’ Organisation.
In a post on his X account, he Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated he led the Nigerian delegation to a meeting where members of the African Petroleum Producers’ Organisation reviewed their compliance with obligations under the organisation.
It was previously reported that APPO members have missed the Q1 2025 deadline they set for the operationalization of the $5 billion AEB, which is set to be headquartered in Nigeria, Africa’s largest oil producer.
The Africa Energy Bank, aimed at funding oil and gas projects and supporting Africa’s energy transition goals, was initially expected to launch in Q1 2025 with a target asset base of $120 billion, according to Lokpobiri’s statement in February.
However, the bank, a collaboration between AfreximBank and APPO, was originally slated to begin operations by mid-2024, as indicated by an Afreximbank official last year.
“The building is ready, and we are only putting finishing touches to it. By the end of this quarter, this bank will take off,” Lokpobiri had said.
But, in his post, the oil minister reassured that the plan for the Africa Energy Bank’s launch remains on track.
Lokpobiri emphasized that ensuring a solid foundation for the bank, aligned with its objectives, is crucial to its long-term success.
“As Head of the Nigerian delegation, I attended the APPO meeting, as we reviewed member States’ compliance with obligations under the organisation. A key focus of our discussions was the progress towards the commencement of operations by the Africa Energy Bank (AEB), a strategic initiative designed to enhance energy financing across the continent.
“Notably, member states are steadily fulfilling their statutory commitments, ensuring the bank’s foundation is robust and aligned with its objectives. As the host country, Nigeria is making significant strides in advancing the necessary processes to meet the set targets for the bank’s resumption.
“Our efforts remain resolute, with all stakeholders working collaboratively to achieve the shared vision of a fully operational AEB within the projected timeline. The meeting reaffirmed our collective commitment to strengthening Africa’s energy sector, and we are optimistic about the milestones ahead,” he stated.
