The Nigerian Government has announced that the $5 billion Africa Energy Bank (AEB) is set to commence operations on January 28, 2025, marking a significant milestone in the efforts to enhance energy access and development across Africa.
The Permanent Secretary of Nigeria’s Federal Ministry of Petroleum Resources Ambassador Nicholas Ella, who is also the Executive Board Member representing Nigeria at the African Petroleum Producers Organization (APPO), announced the planned take off of bank at the 19th Executive Board meeting of the Organisation in Yaounde, Cameroon.
The AEB aims to bridge financing gaps in the continent’s oil and gas industry.
The statement issued by Nigeria’s Ministry of Petroleum Resources on Friday in Abuja said that the permanent secretary reiterated Nigeria’s commitment to the ideals of APPO and the setting up of the energy bank in Abuja.
Nigeria had won the hosting right for the establishment of the Africa Energy Bank Headquarters in July 2024 after it competed with Ghana, Algeria, South Africa, and the Benin Republic.
Ella said, “I am pleased to address the Executive Board meeting on this very important subject matter – the take-off of the Africa Energy Bank Headquarters in Abuja, Nigeria.
“As you are no doubt aware, the headquarters building (of the Africa Energy Bank) was inspected by the Technical Team on May 24, 2024, and renovation works for its completion are ongoing.
“Nigeria is fully committed to delivering the building with furnishing to the bank in good time. We have the full support and cooperation of Mr President and our National Assembly to actualise this project in Nigeria,”
GIK/APA