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The USD 5 billion Africa Energy Bank (AEB) will commence operations on January 28, 2025, marking a significant milestone in the efforts to enhance energy access and development across Africa. The Nigerian Government announced this.
The USD 5 billion Africa Energy Bank (AEB) will commence operations on January 28, 2025, marking a significant milestone in the efforts to enhance energy access and development across Africa. The Nigerian Government announced this.
The Permanent Secretary of Nigeria’s Federal Ministry of Petroleum Resources Ambassador Nicholas Ella, who is also the Executive Board Member representing Nigeria at the African Petroleum Producers Organization (APPO), announced the planned take-off of the bank at the 19th Executive Board meeting of the Organisation in Yaounde, Cameroon. The AEB aims to bridge financing gaps in the continent’s oil and gas industry.
The statement issued by Nigeria’s Ministry of Petroleum Resources on Friday in Abuja said that the permanent secretary reiterated Nigeria’s commitment to the ideals of APPO and the establishment of the energy bank in Abuja. Nigeria won the hosting right for the establishment of the Africa Energy Bank Headquarters in July 2024 after competing with Ghana, Algeria, South Africa, and the Benin Republic.
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The headquarters building at the Nigerian capital Abuja (of the Africa Energy Bank) was inspected by the Technical Team, and renovation works for its completion are ongoing. Nigeria is fully committed to delivering the building with furnishing to the bank in good time.
