Nigeria has fulfilled all host-country commitments required for the takeoff of the Africa Energy Bank, according to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
The minister said this on Thursday in Abuja during his inspection of the newly furnished headquarters of the bank. He explained that the government had delivered a fully equipped and operational facility in the capital city, marking what he described as a major step toward the bank’s launch.
Lokpobiri stated that the building is ready for handover, and that Nigeria is now waiting for the African Petroleum Producers Organisation and the African Export Import Bank, the two institutions leading the project, to complete final procedural steps.
He added that the Federal Government plans to invite APPO ministers to Abuja to confirm that all promises made by Nigeria have been met. He expressed confidence that the swift takeoff of the bank is assured, noting that all required infrastructure and support systems have been provided.
The Africa Energy Bank is a joint initiative of Afreximbank and APPO. The institution is expected to launch with an initial asset base of five billion dollars, with projections that it could grow to one hundred and twenty billion dollars within five years.
The bank is designed to help bridge Africa’s energy financing gap and strengthen the continent’s push for long term energy security and sustainability.
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