News Oil & Gas

Nigeria Wins Bid to Host African Energy Bank Headquarters

BREAKING: Tinubu appoints Heneiken Lokpobiri, 18 others in fresh Ministerial list

Nigeria has emerged as the winner of the bid to host the headquarters of the African Energy Bank (AEB). The AEB is a global multilateral institution aimed at financing Africa’s hydrocarbon resources and supporting energy transition and net-zero commitments.

This development is expected to reshape Nigeria’s oil and gas ecosystem and position the country as a key player in Africa’s energy landscape.

Heineken Lokpobiri, Minister of State for Petroleum Resources, announced this in Abuja on Thursday while briefing journalists after a meeting of the Council of Ministers of the African Petroleum Producers’ Organization and Afrexim Bank, the joint promoters of the bank.

“I am delighted to share that Nigeria has been selected to host the headquarters of the African Energy Bank! This prestigious honor is a testament to our country’s leadership and commitment in the energy sector,” Lokpobiri stated.

“As the Minister for Petroleum Resources, I am incredibly proud of this achievement. The African Energy Bank will be a cornerstone for financing and advancing energy projects across Africa, promoting innovation, sustainability, and economic growth,” he added.

“This is a remarkable victory for Nigeria and the entire African continent. It symbolizes our collective efforts to harness and develop our rich energy resources for a brighter, more sustainable future.”

“Thank you to everyone who made this possible. Together, we are shaping the future of energy in Africa, starting right here in Nigeria,” Lokpobiri concluded.

The hosting of the $5 billion African Energy Bank in Nigeria is expected to bring numerous benefits, including boosting Nigeria’s Gross Domestic Product (GDP), enhancing employment opportunities, and strengthening financial architecture and inclusion, among others.

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