The Nigerian government has pledged to surpass the $5 billion initial capital base target for the Africa Energy Bank, contingent upon the bank establishing its headquarters in Nigeria.
This commitment was articulated by Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), during a dinner event for heads of mission from member states of the African Petroleum Producers Organization (APPO) in Abuja on Tuesday.
Minister Lokpobiri emphasized Nigeria’s readiness to host the bank’s headquarters, recalling that Nigeria had previously conceded the APPO headquarters to Congo Brazzaville decades ago.
READ ALSO :Real reason we set up budget committee – Petroleum Ministry
“We willingly gave the APPO headquarters to Congo. Now, we are appealing to APPO members to support Nigeria in hosting the headquarters of the Africa Energy Bank,” he said.
Lokpobiri highlighted the democratic voting process within APPO, where each member country holds one vote regardless of its oil production volume.
Advertisements
He stressed the importance of engaging with APPO members to garner support for Nigeria’s bid.
“President Bola Ahmed Tinubu is committed to having the Africa Energy Bank headquarters in Abuja. We ask for your support in this endeavor,” he added.
According to the Minister, Nigeria has received strong commitments from major oil industry players in the country to invest in the bank, potentially exceeding the initial $5 billion capital base if the headquarters is located in Nigeria.
“Nigerian indigenous companies are willing to buy shares in the bank to ensure we surpass the $5 billion target,” Lokpobiri stated.
On his part, Ambassador Nicholas Agbo Ella, Permanent Secretary of the Ministry of Petroleum Resources, underscored Abuja’s strategic advantages as the ideal location for the Africa Energy Bank.
He noted that Nigeria’s central location in West Africa provides unparalleled connectivity and accessibility, making Abuja a strategic gateway to the continent’s key energy markets and stakeholders.
“Nigeria’s extensive transportation infrastructure and logistical capabilities position Abuja as the optimal nexus for the Africa Energy Bank,” said Ella.
He also highlighted Nigeria’s vast energy resources, including over 37 billion barrels of oil reserves and 5 trillion cubic meters of natural gas, as well as a burgeoning renewable energy sector.
Ella argued that situating the bank in Abuja would leverage Nigeria’s energy wealth to drive innovation, investment, and economic diversification across Africa, ensuring long-term energy security and resilience.
“Nigeria’s vision for a sustainable energy future is anchored in environmental stewardship, social equity, and economic inclusivity,” he added.
Also speaking at the event, the Permanent Secretary of the Ministry of Foreign Affairs, Amb Adamu Lamuwa, represented by Ben Okoye, reinforced Nigeria’s commitment to advancing Africa’s energy agenda.
Lamuwa emphasized Amb Ella’s expertise and leadership in the energy sector, urging delegates to support Nigeria’s bid to host the Africa Energy Bank headquarters in Abuja.
The permanent secretary said the event served as a testament to Nigeria’s dedication to fostering cooperation and progress within Africa’s energy sector.
The event attracted envoys from Cameroon, Equatorial Guinea, Egypt, Republic of Congo, Guinea, Senegal, Venezuela, among others.
PlatinumPost reports that AEB which will soon take off, is to ensure long-term energy efficiency and security for Africa.
The Bank’s vision is to be a world-class institution providing sustainable support to energy development in Africa, while its mission is to be the leading financier for energy projects in the continent and contribute to universal access to energy.