Nigeria secures the headquarters of the $5 billion African Energy Bank (AEB) after a competitive bidding process.
The decision followed a technical inspection team from the African Petroleum Producers Organization (APPO) and Afrexim Bank, the joint promoters of the AEB, which validated Nigeria’s readiness to host the continental bank.
The Nigerian government, to demonstrate its commitment under the leadership of President Bola Tinubu, has approved a $100 million investment from four agencies of the Ministry of Petroleum Resources, exceeding the minimum equity requirement of $83.33 million for Class A shares.
APPO decided to award the hosting rights to Nigeria at an extraordinary meeting of the Council of Ministers.
The decision, lauded as a significant step for the continent’s energy sector, underscores Nigeria’s pivotal role in Africa’s energy landscape.
Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, who made this known in Abuja on Thursday, also expressed his gratitude for the support extended by President Tinubu in Nigeria’s bid to host the Bank.
He similarly extended appreciation to the council for their confidence in Nigeria’s capability: “This decision reflects our collective ambition to create African solutions to African energy challenges.
“The African Energy Bank will be instrumental in providing the necessary financial backbone for energy projects that will drive growth and development across the continent.”
Nigeria triumphed over Ghana, Benin, Algeria, South Africa, and Cote d’Ivoire to become the preferred host nation.
