The Federal Government has completed the essential legal and governance frameworks necessary for the operational rollout of the African Energy Bank, marking a significant step toward the bank’s official launch.
This development was disclosed by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, in a statement issued on Sunday, May 18, through his Special Assistant on Media and Communications, Nneamaka Okafor.
Lokpobiri made the remarks during a high-level review meeting with key stakeholders in Abuja, convened to assess the progress of the bank’s establishment.
He confirmed that major milestones had either been achieved or were progressing according to schedule.
“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,” he stated.
The minister further revealed that, alongside the finalisation of regulatory frameworks, discussions on capital mobilisation had yielded positive outcomes, with strong commitments from member nations and private sector investors.
Lokpobiri underscored Nigeria’s position as the host country, noting that it reinforces the nation’s leadership role in Africa’s hydrocarbon space.
The AEB is expected to play a crucial role in bridging the continent’s energy investment gap by financing both traditional and renewable energy projects aligned with Africa’s unique development needs.
It will be recalled that in November last year, the Federal Government had set the first quarter of 2024 as the target date for the AEB’s takeoff in Abuja. However, the unveiling initially projected for March 2025 did not materialise as scheduled.
Earlier this year, the minister stated that the building designated to house the AEB in Abuja was undergoing final touches. He also disclosed that $19 billion had already been secured for the bank’s launch, with Nigeria contributing $69.1 million in equity funding.
In his latest statement, Lokpobiri expressed optimism about the commitment of stakeholders to ensure transparency and efficiency in concluding the launch process.
“Our collective focus is on delivering a bank that catalyses investment, accelerates energy security, and drives economic growth across Africa,” he said.
Also present at the meeting was the President of the African Export-Import Bank (Afreximbank), Benedict Oramah, who pledged his institution’s support for the AEB’s successful launch.
“Afreximbank is ready to deploy its structuring expertise and capital base to ensure the AEB launches with the strength and credibility required to attract global co-investors,” Oramah affirmed.
Secretary General of the African Petroleum Producers Organisation, Omar Farouk Ibrahim, commended Nigeria’s commitment to fulfilling the rigorous requirements for establishing the bank.
“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,” he said.
A definitive timeline and date for the inaugural board meeting of the African Energy Bank has reportedly been set and will be made public in due course.
