Minister of State for Petroleum inspects Abuja HQ of Africa Energy Bank, confirms Nigeria has met all host-country obligations
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, on Thursday inspected the proposed headquarters of the $5 billion African Energy Bank (AEB) in Abuja, confirming that the bank is fully ready for launch.
Speaking at the event, Lokpobiri said Nigeria had fulfilled all its commitments as the host country, ensuring the bank’s infrastructure and facilities were complete.
“I’m happy to disclose to Nigerians, Africans, and the world that Nigeria has delivered on all the obligations made for us to fulfil as host country,” the minister said. “The headquarters is ready, tastefully furnished in the best location, and we are ready for the bank’s takeoff.”
The AEB is a newly established continental financial institution designed to support Africa’s energy sector, focusing on oil, gas, and renewable-energy transition projects. The bank is a joint initiative of the African Petroleum Producers’ Organisation (APPO) and the African Export-Import Bank (Afreximbank).
Its main objective is to provide long-term, Africa-led financing for energy development at a time when global lenders are withdrawing support for fossil fuel projects. The bank will fund upstream exploration, refinery upgrades, gas infrastructure, power generation, and clean-energy initiatives across Africa.
During the inspection, Lokpobiri was joined by APPO Secretary General, Omar Farouk Ibrahim, and Afreximbank Executive Vice President, Mr. Haytham El Maayergi.
On whether the bank had been officially handed over to its operators, the minister explained that final formalities were still being arranged.
“These are details that will be worked out once they are ready to come. We are inviting APPO ministers to Nigeria so we can show them that we have fulfilled our promises. The building is ready, and then we’ll hand it over. The important point is that Nigeria, as host country, has provided everything expected of us. This is an indication that the bank is well on its way.”
The establishment of the African Energy Bank marks a significant milestone in Africa’s energy financing landscape, offering the continent a homegrown alternative for funding critical energy projects amid tightening global climate-related lending policies.
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