Nigeria has fulfilled its host country obligations by completing and furnishing the new headquarters for the African Energy Bank (AEB) in Abuja, according to Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil). The Minister made the disclosure during a joint inspection with officials from the African Petroleum Producers Organisation (APPO) and Afreximbank, the joint promoters of the bank. Lokpobiri stressed that the facility is “ready, tastefully furnished in the best location,” and that the successful and swift completion of the building signals Nigeria’s strong commitment to regional energy cooperation ahead of the bank’s formal commissioning.

The establishment of the AEB comes at a critical juncture for Africa’s energy sector. As global lenders increasingly impose tighter restrictions and divest from fossil fuel investments, the AEB is designed to fill this critical financing gap using Africa-led funding. The bank is expected to serve as a vital continental hub, providing financial backing for a comprehensive range of projects, including upstream exploration, refinery modernization, natural gas infrastructure, and the development of cleaner energy technologies across the continent. This strategic African-led approach aims to secure the continent’s energy future without reliance on external institutions whose priorities have shifted.

The inspection, which included APPO Secretary-General, Dr. Omar Farouk Ibrahim, and Afreximbank Executive Vice President, Haytham El Maayergi, highlighted the final administrative steps necessary for the bank’s operational start. Lokpobiri confirmed that the handover of the building will take place soon and that APPO ministers will be invited to inspect the facility before the formal commencement of operations. Search results indicate that the $5 billion AEB is scheduled to launch operations on January 28, 2025.

Nigeria’s prompt fulfillment of its commitment as the host country demonstrates leadership in driving energy stability across the region. By providing a secure and fully equipped headquarters, Nigeria is effectively paving the way for the AEB to mobilize much-needed private-sector funds and accelerate the development of Africa’s vast energy resources. This institution is viewed as a vital step in balancing the continent’s need for continued hydrocarbon development with a smooth transition towards sustainable energy sources.

SOURCE : BUSINESS INSIDER AFRICA