The Federal Government of Nigeria has set January 28, 2025, as the deadline for the operationalisation of the $5billion Africa Energy Bank (AEB).
The bank would be domiciled in Abuja, Nigeria’s capital city. Permanent Secretary, Ministry of Petroleum Resources and Executive Board Member, Nicholas Ella, who led a delegation representing Nigeria at the African Petroleum Producers Organisation (APPO), spoke at APPO’s 19th Executive Board meeting.
The meeting which had representatives of 13 member countries was held in Yaoundé, Cameroon. Ella, in a statement, reiterated the country’s commitment to the ideals of APPO and the immediate setting up of the AEB in Abuja.
Nigeria won the hosting right for the establishment of the AEB Headquarters in July 2024, after it competed with Ghana, Algeria, South Africa, and Benin Republic.
The AEB which APPO is establishing in collaboration with the Afriexim Bank, aims to bridge financing gaps in the continent’s oil and gas industry.
“The Technical Team inspected the headquarters building (of the Africa Energy Bank) in May 2024, and renovation works for its completion is ongoing. Nigeria is fully committed to delivering the building with furnishing to the bank in good time.”
