By Ayomide Otitoju
Preparations for the launch of the African Energy Bank (AEB) have reached the final stage, with key legal and governance frameworks now in place and capital mobilisation efforts recording promising responses, Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, announced over the weekend.
AEB, headquartered in Abuja, is being established to finance energy infrastructure across Africa amid declining foreign investment due to the global energy transition. The institution is funded by Afreximbank, African Petroleum Producers’ Organisation (APPO) member states, national oil companies, and private investors.
Lokpobiri disclosed the progress following a strategic review meeting with Afreximbank President Prof. Benedict Oramah and APPO Secretary-General Dr. Farouk Ibrahim.
“The AEB is poised to become a transformative financing platform for energy projects across the continent,” Lokpobiri stated. “Nigeria’s leadership role in this effort reflects our longstanding commitment to Africa’s energy future.”
APPO’s Ibrahim praised Nigeria’s swift efforts in meeting regulatory benchmarks, while Afreximbank’s Oramah reiterated the bank’s readiness to provide financial and technical support to ensure AEB’s credibility and global investor appeal.
