Nigeria secures the hosting rights for the $5 billion African Energy Bank

Nigeria has secured the hosting rights for the $5 billion African Energy Bank, as announced by the Federal Government on Thursday. The decision was made during a virtual extraordinary meeting of the Council of Ministers of the African Petroleum Producers Organisation, which confirmed that the bank’s headquarters will be in Nigeria.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, revealed this news in Abuja, stating that Nigeria was chosen over Ghana, Benin, Algeria, South Africa, and Cote d’Ivoire. Lokpobiri highlighted that the biggest challenge for African oil-producing countries is funding, and the creation of the African Energy Bank is a step towards addressing this issue.

Senator Lokpobiri expressed gratitude to the President and Nigerians for their support in securing the hosting rights. He emphasized that the African Energy Bank will serve not only Nigeria but the entire African continent. The President had previously approved a $100 million investment for class A shares in the proposed bank, positioning Nigeria favorably to host the institution.

On Thursday, Lokpobiri stressed that the African Energy Bank would provide essential financial support for energy projects across Africa, driving growth and development. He assured that the establishment of the bank would mark a transformative era for meeting energy needs and fostering sustainable, innovative, and inclusive energy solutions.