The Federal Government of Nigeria has finalized the key legal and governance frameworks required to launch the African Energy Bank, marking a significant step forward in the project’s implementation.
During a recent meeting in Abuja, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, hosted African Export-Import Bank (Afreximbank) President Prof.
Benedict Oramah and African Petroleum Producers’ Organization (APPO) Secretary General Omar Farouk Ibrahim to review progress on the initiative.
A statement issued on Sunday by Nneamaka Okafor, the Minister’s Special Assistant on Media and Communications, confirmed that critical benchmarks have either been achieved or are well underway.
The meeting assessed the project’s status and confirmed it has now entered its final preparation phase.
Lokpobiri noted that the African Energy Bank is on track to become a central source of funding for energy projects across the continent, with steady progress made in collaboration with regional partners.
He credited President Bola Tinubu for his strong support and leadership in driving the initiative forward.
He also highlighted the successful completion of regulatory groundwork and reported robust capital commitments from both government entities and private investors.
Hosting the bank, Lokpobiri said, reinforces Nigeria’s leadership role in Africa’s oil and gas sector.
APPO Secretary General Ibrahim praised Nigeria’s dedication to meeting the rigorous requirements for hosting the bank.
He emphasized that the cooperative spirit shown during the meeting underscores a collective commitment to delivering reliable and sustainable energy solutions for African populations.
Prof. Oramah reaffirmed Afreximbank’s readiness to support the launch, offering both capital and expertise in financial structuring.
He stressed the importance of building credibility to attract international co-investors and ensure long-term success.
According to the statement, a fixed timeline and launch date for the inaugural board meeting have been agreed upon, with a formal announcement expected soon.
Lokpobiri reiterated that all stakeholders are committed to transparency and efficiency throughout the bank’s setup phase.
The overarching goal, he said, is to establish a pan-African financial institution capable of accelerating energy investment, enhancing energy access, and supporting the continent’s economic growth.
The African Energy Bank is designed to close the energy funding gap in Africa by supporting both fossil fuel and renewable energy projects aligned with regional development objectives.
Although the bank was initially set to open in March, that deadline has passed. However, in February, the Minister reported that construction on the bank’s Abuja headquarters was nearly complete and that $19 billion in funding had already been secured to support the launch.
