Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has revealed that preparations for the launch of the African Energy Bank (AEB) have entered their final phase.
AEB, a newly established financial institution created to support energy development across Africa, seeks to mobilise capital for energy infrastructure projects in the face of declining foreign investment due to the global energy transition.
It has an initial capital target of $5 billion, with plans to scale up to $120 billion subsequently.
A statement in Abuja by Special Adviser, Media and Communication, to the minister, Nneamaka Okafor, quoted Lokpobiri as saying that key legal and governance frameworks for the project had been concluded, while capital mobilisation discussions had recorded encouraging commitments from both member nations and private investors.
Lokpobiri had held a high-level review meeting in Abuja, where he hosted the President of Afreximbank, Professor Benedict Oramah, and the Secretary-General of the African Petroleum Producers’ Organisation (APPO), Dr Farouk Ibrahim.
Funded by Afreximbank, APPO member states, national oil companies, and private sector investors, the bank is headquartered in Abuja, Nigeria.
Lokpobiri said, “The AEB is poised to become a transformative financing platform for energy projects across the continent. This review confirms that every critical milestone is either completed or on schedule, and we remain fully aligned with our continental partners.
“Many thanks to President Bola Tinubu for his support and commitment to seeing this project to fruition.”
The minister emphasised that Nigeria’s role as host country reflected its long-standing leadership within Africa’s hydrocarbons sector.
He reiterated the stakeholders’ commitment to transparency and efficiency throughout the final preparatory stages.
“Our collective focus is on delivering a bank that catalyses investment, accelerates energy security, and drives economic growth across Africa,” Lokpobiri added.
In his remarks, the APPO chief, Ibrahim, commended the pace of work, saying, “We are impressed by Nigeria’s dedication to meeting the stringent requirements for bank establishment. The collaboration we witnessed today signals a unified resolve to deliver affordable, sustainable energy to Africans.”
In his remarks, Afreximbank’s Oramah stated that the bank was ready to deploy its structuring expertise and capital base to ensure AEB was launched with the strength and credibility required to attract global co-investors.
During the briefing, the parties confirmed that a definitive launch timeline and inaugural board meeting date had been fixed and will be announced shortly.
