Plans for the long-awaited $5 billion African Energy Bank (AEB) have entered the final phase, according to Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil).
Lokpobiri made the disclosure over the weekend during a strategic review session in Abuja attended by key stakeholders, including Afreximbank President, Benedict Oramah, and Secretary-General of the African Petroleum Producers’ Organisation (APPO), Farouk Ibrahim.
In a statement issued by his media adviser, Nneamaka Okafor, the minister revealed that essential legal and governance frameworks for the bank had been finalized, while capital mobilisation efforts have seen promising commitments from both member countries and private sector investors.
“The AEB is poised to become a transformative financing platform for energy projects across the continent,” Lokpobiri said. “This review confirms that every critical milestone is either completed or on schedule, and we remain fully aligned with our continental partners.”
He also expressed appreciation to President Bola Tinubu for his unwavering support in advancing the initiative, which aims to boost energy investment and infrastructure across Africa.
Nigeria, designated as the host country, continues to play a leading role in shaping Africa’s hydrocarbon future.
Lokpobiri reaffirmed the stakeholders’ dedication to maintaining transparency and efficiency as the final stages of preparation unfold.
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“Our collective focus is on delivering a bank that catalyses investment, accelerates energy security, and drives economic growth across Africa,” he added.
Backing Nigeria’s readiness, APPO Secretary-General Farouk Ibrahim praised the country’s swift and thorough approach, stating: “We are impressed by Nigeria’s dedication to meeting the stringent requirements for bank establishment.”
Similarly, Afreximbank President Benedict Oramah assured that the institution was prepared to deploy its financial expertise and capital resources to ensure the AEB launches with the credibility needed to attract global investors.
“This bank must launch with credibility — and Nigeria is laying the right foundation,” Oramah said.
Although previous launch dates, including the January 28, 2025 deadline and a Q1 2025 target, were missed, stakeholders confirmed that the AEB’s board inauguration and official launch date have now been finalised and will be made public soon.
The AEB is expected to serve as a major funding hub for Africa’s energy transition, providing sustainable financing for oil, gas, and renewable energy projects across the continent.