Nigeria has been granted the prestigious hosting rights for the $5 billion African Energy Bank after beating off stiff competition from Ghana, Benin, Algeria, South Africa, and Cote D’Ivoire.
Speaking at the end of an extraordinary meeting of the Council of Ministers of the African Petroleum Producers Organization (APPO), the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri expressed his gratitude for the support extended by President Bola Ahmed Tinubu in Nigeria’s bid to host the Bank.
He lauded the decision as a significant step for the continent’s energy sector, and underscored Nigeria’s pivotal role in Africa’s energy landscape.
“This decision reflects our collective ambition to create African solutions to African energy challenges,” Senator Lokpobiri stated. “The African Energy Bank will be instrumental in providing the necessary financial backbone for energy projects that will drive growth and development across the continent.”
Minister Lokpobiri assured Nigerians and Africans at large that the establishment of the African Energy Bank would mark a transformative era in meeting energy needs.
“We are committed to ensuring that this Bank will not only move Nigeria forward but will also be a beacon of progress for the entire continent,” he emphasized. “Our goal is to foster sustainable energy solutions that are both innovative and inclusive.”
The Bank is expected to facilitate access to funding for energy projects, thereby catalyzing economic growth and enhancing energy security. The Minister emphasized that this initiative aligns with the broader objectives of the African Union’s Agenda 2063, aiming for a prosperous and self-sustaining Africa.
Senator Lokpobiri highlighted the collaborative spirit of the APPO members and their shared vision for a united, energy-secured Africa. He reiterated his gratitude to President Tinubu for his unwavering support and to the Council of Ministers for their trust in Nigeria’s ability to lead this pivotal initiative.
