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Nigeria Sets January 28, 2025, Launch Date for $5 Billion Africa Energy Bank

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The Nigerian government has announced January 28, 2025, as the official launch date for the $5 billion Africa Energy Bank (AEB) in Abuja. This pivotal institution, aimed at addressing financing gaps in Africa’s oil and gas industry, will support the development of critical energy projects across the continent.

The announcement came from Ambassador Nicholas Agbo Ella, Nigeria’s Permanent Secretary of the Ministry of Petroleum Resources and Executive Board Member representing Nigeria at the African Petroleum Producers Organization (APPO). Ambassador Ella disclosed the date on October 30, 2024, during APPO’s 19th Executive Board Meeting in Yaounde, Cameroon.

“Nigeria won the hosting rights for the Africa Energy Bank headquarters in July 2024, after a competitive bid involving Ghana, Algeria, South Africa, and Benin Republic,” he stated. Ambassador Ella reiterated Nigeria’s commitment to supporting APPO’s mission, emphasizing the country’s readiness to provide a fully equipped headquarters in Abuja.

The AEB is a joint initiative between APPO and Afrexim Bank, designed to provide the necessary capital for the continent’s energy sector, enabling it to meet growing economic demands. Ambassador Ella highlighted that renovation of the AEB headquarters is progressing as planned, with support from President Bola Ahmed Tinubu and Nigeria’s National Assembly. The Federal Executive Council approved the hosting arrangement in June, and essential establishment documents have been submitted to the President for final assent.

In addition to hosting preparations, Nigeria has been actively meeting its financial commitments to the AEB. Ambassador Ella reported that the country has already contributed $59.1 million toward the bank’s establishment, with an additional $10 million recently deposited in APPO’s account. Nigeria expects to complete its full equity contribution before the January launch, aligning with its advocacy for integrating AEB funding into APPO’s budgetary plans.

APPO Secretary General Dr. Omar Farouk Ibrahim expressed optimism about the bank’s launch, confirming that 50% of the required funding is in place and encouraging member nations to keep pace with Nigeria’s preparations. The bank will feature three classes of shareholders, with APPO and Afrexim Bank as priority shareholders.

Hisham Ahmed Selim, an APPO Executive Board member from Egypt, praised Nigeria’s proactive efforts, describing the preparations as “encouraging.” The bank’s launch will coincide with APPO’s 38th anniversary, marking a significant milestone in Africa’s energy sector development.

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