Nov. 27, 2025

Sen. Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), says Nigeria has completed all commitments required as the host country for the Africa Energy Bank (AEB), to fast-track its take off.

Speaking during an inspection of the newly furnished AEB headquarters in Abuja on Thursday, Lokpobiri said the facility had been delivered in the best location and fully equipped to begin operations.

“I came to inspect the headquarters furnishing of the Africa Energy Bank, and I am happy to disclose to Nigerians, Africans, and the world that Nigeria has delivered on all the obligations made for us to fulfill as host country.

“The headquarters is ready, tastefully furnished, and we are ready for the bank to take-off,” he said.

Lokpobiri said the Federal Government was awaiting the African Petroleum Producers’ Organisation (APPO) and African Export-Import Bank (Afreximbank), drivers of the AEB establishment, to complete the final procedural steps for operational commencement.

“We are trying to invite the APPO ministers to come to Nigeria so that we can show them that we have fulfilled our promise.

“The building is ready, and once they are here, we will hand it over,” he added.
Lokpobiri said that Nigeria had provided all facilities and support expected of a host nation, expressing confidence that the swift takeoff of the bank was assured.

The establishment of the bank is a collaborative move between Afreximbank and the APPO, which will see the bank take off with an asset base of five billion dollars.

It is projected to grow to 120 billion dollars in five years’ time, marking a significant milestone in Africa’s quest for energy security and sustainability.
The bank is expected to bridge Africa’s energy financing gap. (NAN)