Preparations are in full swing for the take off of the African Energy Bank (AEB), as key stakeholders intensify efforts to ensure a successful commencement of operations.
The AEB, with initial capital of $5 billion, headquartered in Nigeria, is scheduled to begin operations within the second quarter.
The African Export-Import Bank (Afreximbank) has already made commitments to fund the bank with $19 billion, including $14 billion in exposure and $5 billion as initial capital, further strengthening the bank’s financial foundation.
To this end, minister of state, Petroleum Resources (Oil), Senator Heineken Lokpobiri, hosted a crucial review meeting with the president Afreximbank, Professor Benedict Oramah, and the secretary general of the African Petroleum Producers’ Organisation (APPO), Dr. Omar Farouk Ibrahim.
In a post on his X handle, Lokpobiri announced that during the meeting, the parties assessed the progress made so far, highlighting the solid groundwork that has been laid and the deliberate coordination among all involved entities. The review underscored the growing confidence in the project, fueled by the pace, precision, and shared purpose driving the process.
He expressed optimism about the bank’s potential to make a long-term impact on Africa’s energy sector, emphasising the collective resolve to ensure the AEB’s successful launch.
The collaboration between Nigeria, Afreximbank, and APPO marks a significant milestone in advancing Africa’s energy infrastructure and financing capabilities.
As preparations continue, stakeholders remain committed to delivering a robust institution that will support sustainable energy development across the continent.
Nigeria has committed $100 million to the Bank’s initial capital for its takeoff, which is part of the bank’s total $5 billion initial capital base. This contribution is alongside other member states like Angola and Ghana, who have also fulfilled their capital commitments to support the bank’s launch.
Also speaking at the just concluded Offshore Technology Conference 2025 in Houston, Texas, United States, Lokpobiri, had disclosed that Afrexim bank has already raised $19 bn for the take-off of the AEB in Abuja.
He also urged African nations to forge a united front in the fight against energy poverty across the continent. Lokpobiri believes that by working together, African countries can overcome energy poverty, drive economic growth, and improve the lives of millions of people.
According to him, collaboration can facilitate the exchange of best practices, technologies, and expertise, accelerating progress in the energy sector.
He also stressed the need for Africa to develop cohesive policies that are tailored to the continent’s unique circumstances, warning that fragmented approaches would be ineffective in addressing the escalating energy deficit.
“This conference is not a jamboree. It is a platform for Nigeria, and by extension, Africa, to showcase its vast potential,” Lokpobiri said.
He underscored the importance of regional collaboration, highlighting the Africa Petroleum Producers Organisation as a strategic entity established to devise shared solutions for the continent’s energy challenges.