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Nigeria has successfully won the bid to host the headquarters of the newly established US$5 billion African Energy Bank (AEB) in Abuja.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this while speaking to journalists after a virtual meeting of the council of ministers of the African Petroleum Producers Organisation (APPO) last week.
Nigeria emerged as the preferred host nation amidst stiff competition from Ghana, Benin, Algeria, South Africa, and Côte d’Ivoire.
“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.
“The African Energy Bank will be a cornerstone for financing and advancing energy projects across Africa, promoting innovation, sustainability, and economic growth,” the minister said.
He stressed that the development is a remarkable victory for Nigeria and the entire African continent.
“It symbolises our collective efforts to harness and develop our rich energy resources for a brighter, more sustainable future. Thank you to everyone who made this possible. Together, we are shaping the future of energy in Africa, starting right here in Nigeria,” he said.
Lokpobiri also noted that the bank’s share capital, set at $5 billion, is expected to be subscribed over three years, with an initial capital of US$1,5 billion reserved for APPO member countries.
Presently, APPO has a total of 18 members across Africa, all of which are either oil or gas-producing nations, or both. — Business Insider Africa.
Peter Tanyanyiwa
Online Reporter