Preparations for the official launch of the $5 billion African Energy Bank (AEB) have entered their final phase, according to Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil).
The minister made this known following a high-level review meeting in Abuja, where he hosted Afreximbank President, Professor Benedict Oramah, and Dr. Farouk Ibrahim, Secretary-General of the African Petroleum Producers’ Organisation (APPO).
In a statement released by his Special Adviser on Media and Communication, Nneamaka Okafor, Lokpobiri confirmed that the key legal and governance frameworks for the bank have been concluded, and that capital mobilisation efforts have secured encouraging commitments from both APPO member states and private sector investors.
“We are in the final stages of launching a historic institution that will reshape energy financing across Africa,” Lokpobiri said.
The African Energy Bank is a newly established multilateral financial institution designed to mobilise capital for energy infrastructure projects across the continent, especially in light of the decline in traditional foreign investment due to the global energy transition.
With an initial capital target of $5 billion, the AEB plans to scale up to $120 billion in funding capacity, making it one of the most ambitious energy financing initiatives in Africa’s history.
The bank is jointly funded by Afreximbank, APPO member countries, national oil companies, and private investors, and will be headquartered in Abuja, Nigeria, positioning the country as a strategic hub for African energy financing.
