Nigeria’s Oil Minister Receives Afreximbank President, Assesses Readiness For Africa Energy Bank Launch
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Ph.D., received the President of the African Export-Import Bank (Afreximbank), Dr. Benedict Okechukwu Oramah CON, in Abuja. The visit was in furtherance of ongoing engagements towards the commencement of operations by the Africa Energy Bank (AEB), a landmark initiative set to transform the continent’s energy landscape.
The Africa Energy Bank, a collaborative effort between Afreximbank and the African Petroleum Producers Organization (APPO), is poised to launch with an asset base of USD 5 billion, and projected to grow to USD 120 billion in five years time, marking a significant milestone in Africa’s quest for energy security and sustainability. Afreximbank, as a key partner, is transfering her full equity investment in the oil and gas sector, underscoring its commitment to driving energy infrastructure development across the continent.
A statement by the Special Adviser to the Minister on Media and Communication Nneamaka Okafor said during the meeting, Senator Lokpobiri reiterated Nigeria’s strong support for the AEB and its pivotal role in unlocking Africa’s energy potential. “Nigeria, as a leading oil and gas producer, is well-positioned to leverage this transformative initiative. We encourage industry players to seize this opportunity to invest in Africa’s energy future,” the Minister stated.
Following the discussions, Senator Lokpobiri and Dr. Oramah proceeded to the AEB Headquarters for an inspection tour to assess the level of readiness ahead of the commencement of operations. The visit provided firsthand insights into the bank’s operational preparedness and strategic alignment with Africa’s broader energy development goals.
Speaking on the significance of the AEB, Dr. Oramah emphasized its role in bridging Africa’s energy financing gap. “The establishment of the Africa Energy Bank is a game-changer for the continent. With an initial asset base of USD 5 billion, we are creating a financial institution that will empower African nations to harness their vast energy resources for economic growth and industrialization,” he remarked.
The Afreximbank President, commended Nigeria for taking the bull by the horn in hosting the headquarters of Africa Energy Bank and expressed confidence in Nigeria’s oil and gas portfolio as the bank will not only benefit the energy sector in Africa but will guarantee immediate benefit for Nigeria.
The Minister commended Afreximbank and APPO for their commitment to this historic project, reaffirming Nigeria’s readiness to collaborate towards its success. “This bank represents a bold step in ensuring that Africa controls and finances its energy future. It is an avenue for stakeholders to invest in a self-sustaining energy sector that will drive industrialization, job creation, and economic prosperity,” he added.
As Africa prepares for the operational launch of the AEB, the Nigerian Government calls on industry stakeholders to engage proactively and explore the vast opportunities this initiative presents. The successful takeoff of the AEB will mark a new era in Africa’s energy development, positioning the continent as a global force in the sector.
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