The Nigerian Government has announced January 28, 2025, as the launch date for the $5 billion Africa Energy Bank (AEB) in Abuja. This project, spearheaded by the African Petroleum Producers Organisation (APPO) in partnership with Afrexim Bank, is designed to bridge critical financing gaps in Africa’s energy sector.
Speaking at the 19th Executive Board Meeting of APPO in Yaoundé, Cameroon, Ambassador Nicholas Agbo Ella, Permanent Secretary of Nigeria’s Ministry of Petroleum Resources, confirmed Nigeria’s readiness to host the AEB headquarters. “Nigeria won the hosting right for the establishment of the Africa Energy Bank (AEB) Headquarters in July 2024, after it competed with Ghana, Algeria, South Africa, and Benin Republic”, he said.
Amb. Ella highlighted that preparations for the bank’s headquarters are underway, with renovations in progress following a technical inspection earlier this year.
The date coincides with the 38th anniversary of APPO, a coalition of 18 countries driving African energy development. Amb. Ella also announced Nigeria’s significant financial contributions to AEB, including an additional $10 million payment made last week.
APPO Secretary General Dr. Omar Ibrahim noted that 50% of the required funds for the AEB’s launch are already secured. He urged APPO member states to maintain momentum for the January launch.
In his response, APPO Executive Board Member Hisham Selim from Egypt described Nigeria’s commitment as encouraging.
