The African Export Import Bank (Afreximbank) would be funding the African Energy Bank (AEB) to the tune of $19 billion to increase the availability of financing for oil and gas companies on the continent, it was learnt yesterday.
Minister of State for Petroleum (Oil), Heineken Lokpobiri disclosed this while declaring open the Nigerian pavilion at the ongoing Offshore technology Conference (OTC) 2025 in Houston, Texas, USA.
He said Africa’s problem of energy poverty was well known and cannot be solved by waiting for others, insisting the the continent must collaborate to solve its energy problems.
The notion, the minister stated, necessitated the collaboration between Ghana, Nigeria and other African countries under the auspices of the African Petroleum Producers Organization (APPO) to work together, share experiences, and provide common solutions to the continent’s energy problems.
Lokpobiri quoted Afreximbank to have said it had exposure of almost $14 billion which it would transfer to the upcoming African Energy Bank in addition to the $5 billion initial capital earmarked for the bank.
