Nigeria has been selected to host the headquarters of the newly established African Energy Bank (AEB), a $5 billion institution aimed at financing and advancing energy projects across Africa.
This announcement was made by the State Minister for Petroleum Resources (Oil), Heineken Lokpobiri, on Thursday via his official X account.
Lokpobiri highlighted that the bank will play a pivotal role in promoting innovation, sustainability, and economic growth within the energy sector across the continent.
Nigeria’s capital city, Abuja, will serve as the home for the AEB, a decision made after a competitive selection process involving Ghana, Benin, Algeria, South Africa, and Cote d’Ivoire.
Expressing his enthusiasm, Lokpobiri stated, “I am delighted to share that Nigeria has been selected to host the headquarters of the African Energy Bank! This prestigious honour is a testament to our country’s leadership and commitment to the energy sector.”
He emphasized the significance of this achievement, noting, “As the Minister for Petroleum Resources [Oil], 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. This is a remarkable victory for Nigeria and the entire African continent.”
Lokpobiri assured Nigerians and Africans that the establishment of the AEB would usher in a transformative era in meeting energy needs.
He remarked, “It symbolizes our collective efforts to harness and develop our rich energy resources for a brighter, more sustainable future.”
The African Energy Bank’s headquarters in Abuja is expected to become a central hub for energy financing, driving forward projects that will enhance energy access, foster sustainable development, and stimulate economic progress across Africa.
This development marks a significant milestone in Nigeria’s role within the continent’s energy sector, further solidifying its position as a leader in energy innovation and sustainability.
