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 on Monday.
Minister of State for Petroleum (Oil), Senator 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.
He pointed out that the biggest challenge facing African countries and their local oil and gas companies was funding, positing that funding had been weaponized by Western nations to deny the continent the funding needed to provide solutions to their energy problems.
“And so, we in APPO, together with Afreximbank, decided that African Energy Bank is a solution. So today, African Energy Bank has been approved. The headquarters is in Abuja, Nigeria, and that bank is set to take off this quarter.
“This is an opportunity for us to tell you guys that, look, your problems are already gradually finding a solution. We’re in partnership as APPO with Afreximbank, and Afreximbank. The last time we met with them, they said they had exposure of over almost $14 billion.
“That will be transferred to the bank. They will transfer that to the bank together with the $5 billion as the initial takeoff grant. That will be over $19 billion”, Lokpobiri said.
Noting that the continent needs funding, the minister used the opportunity to call on African countries that have invested in other continents to bring their money home.
“Come and invest in Africa. Come and invest in African Energy Bank so that we can find the money that is needed to fund our energy demands in Africa”, he added.
Lokpobiri, who expressed happiness that Donald Trump is the President of America, said at least, that will slow down the hypocritical campaign against fossil fuels production, arguing that it has always been about geopolitics.
Other top industry stakeholders present at the opening of the Nigerian pavilion at the OTC included Minister of State for Petroleum (Gas), Ekperikpe Ekpo; Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Felix Ogbe; Group Chief Operating Officer of the Nigerian National Petroleum Company Limited (NNPC), Roland Ewubare; and the Executive Vice President (Upstream), NNPC, Udobong Ntia.
Others were Ghana’s Minister of Energy and Green Transition, John Jinapor; Chairman of the Petroleum Technology Association of Nigeria (PETAN), Mr. Wole Ogunsanya; Managing Director of CB Geophysical Solutions, Bank Anthony Okoroafor; and Managing Director of AradelHoldings Plc, Mr. Gbite Falade amongst others.