The Africa Energy Bank will launch in Q1 2025, aiming for a $120 billion asset base to fund oil and gas projects and support Africa’s energy transition, according to Nigeria’s junior oil minister.
Afreximbank and the African Petroleum Producers Organization partnered to establish the fossil fuel-focused bank, which was initially expected to start operations by mid-2024, an Afreximbank official stated last year.
Nigerian junior oil minister Heineken Lokpobiri confirmed that the bank’s building is complete, with only final adjustments remaining, and assured that operations will begin by the end of this quarter.
Lokpobiri lightheartedly remarked that Nigeria would adopt former U.S. President Donald Trump’s stance on boosting oil drilling and remove barriers to increasing oil production to 2.5 million barrels per day this year.
Nigeria, currently producing an average of 1.7 million barrels per day, secured the right to host the multilateral lender, surpassing three other African nations.
Source:https:reuters.com
African Energy Council