The Nigerian Federal Government has announced that the Africa Energy Bank (AEB), headquartered in Abuja, will officially commence operations on January 28, 2025. This date, chosen to coincide with the 38th anniversary of the African Petroleum Producers Organization (APPO), signifies a major milestone for Africa’s energy sector. Nigeria secured the hosting rights in July 2024, winning out over strong contenders, including Algeria, South Africa, Ghana, and Benin Republic.
Ambassador Nicholas Ella, the Permanent Secretary of Nigeria’s Ministry of Petroleum Resources, made the announcement during the 19th APPO Executive Board meeting held in Yaounde, Cameroon. Also, Speaking on behalf of Nigeria, he emphasized the government’s commitment to finalizing the AEB headquarters, currently undergoing renovation, with full support from the President and National Assembly.
“The establishment of the Africa Energy Bank is a proud achievement for Nigeria, and we remain committed to delivering the furnished headquarters on time,” stated Amb. Ella. He added that ratification of the bank’s charter and headquarters agreement is in progress, with the final steps pending presidential assent.
Furthermore, The APPO Secretary General Omar Farouk Ibrahim confirmed that 50% of the required funds are secured, urging APPO members to sustain their support for the bank’s successful launch. Finally, The AEB aims to fund energy projects across Africa, enhancing the continent’s energy autonomy and economic development.
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