$5bn Africa Energy Bank begins operation January – FG

The Federal Government has announced that the much-anticipated $5bn Africa Energy Bank is set to commence operations on January 28, 2025, marking a significant milestone in efforts to enhance energy access and development across Africa.

A Nigerian delegation led by the Permanent Secretary of the Federal Ministry of Petroleum Resources and Executive Board Member representing Nigeria at the African Petroleum Producers Organization, Amb. Nicholas Ella, disclosed this at the 19th Executive Board meeting of the Organisation in Yaounde, Cameroon.

The meeting had representatives from 13 member countries.

In a statement issued by the Ministry of Petroleum Resources on Friday, the permanent secretary reiterated Nigeria’s commitment to the ideals of APPO and the immediate setting up of the energy bank in Abuja.

Recall that Nigeria 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.

The AEB aims to bridge financing gaps in the continent’s oil and gas industry.

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.”