Nigeria Fulfils Obligations As Africa Energy Bank’s Host Country

Nigeria has fully met its obligations as host country for the Africa Energy Bank (AEB), with the headquarters in Abuja now fully completed, tastefully furnished and ready for operations, the minister of state for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has announced.

Speaking during an inspection of the facility, in Abuja on Thursday, Senator Lokpobiri emphasised that the federal government had provided all required infrastructure in the optimal location, positioning the bank for imminent takeoff pending coordination with the key promoters.

According to him, Nigeria, as the host nation, has made significant strides in ensuring that the necessary infrastructure and preparations are in place for the much-anticipated financial institution, which aims to address Africa’s energy financing needs.

His words: “I came to inspect the headquarters of the Africa Energy Bank, and I am happy to disclose to the world, Nigerians, and Africans that Nigeria has delivered on all the obligations made for us to fulfil as the host country.

“The headquarters is ready, tastefully furnished in the best location, and so we are ready for the bank to take off.

So we are waiting for APPO and African Exim Bank, which are the drivers of this process, you know, to facilitate the takeoff.”

The AEB, a supranational institution spearheaded by the African Petroleum Producers Organization (APPO) and the African Export-Import Bank (Afreximbank), targets an initial capital of $5 billion to finance oil, gas, and energy projects continent-wide, countering funding gaps from global energy transitions.
APPO’s 18 member states, including Nigeria, Angola, and Ghana, contribute through national oil companies and sovereign wealth funds, with each asked for at least $83 million.

Nigeria approved $100 million for Class A shares, and by mid-2025, pledges from Algeria, Benin, the Republic of Congo, Equatorial Guinea, and the Ivory Coast had secured about 45% of the target.
Afreximbank and APPO hold priority shareholder status, supplemented by Middle Eastern sovereign wealth funds for roughly $2 billion, in a private-sector-led model open to aligned investors.

Lokpobiri reiterated that it is noteworthy to say that the building is set and the next thing is to invite the promoters: AfreximBank and APPO to declare it open.

He said, “But what Nigerians, and the world need to know today is that as a host country we have met all our obligations and the building is ready. The bank is ready to go.

“But we’re trying to invite the APPO ministers to come to Nigeria so that we can show them and say, look, this is what we promised. We fulfilled it. The building is ready.”

Senator Lokpobiri noted that handover details with APPO and Afreximbank are being finalised, with invitations extended to ministers for an official showcase of Nigeria’s readiness.

This milestone underscores Nigeria’s leadership in hosting the bank, expected to boost energy security and economic growth by mobilising resources for sustainable projects across Africa.

With the bank’s headquarters finished, furnished, and ready for use, the next critical steps, according to Senator Lokpobiri, involve collaboration with APPO and AfreximBank officials who are poised to drive the formal launch of the institution. He said efforts are underway to invite these key stakeholders to Nigeria for the official handover and to showcase Nigeria’s readiness in hosting the bank.

This development signifies a significant milestone in establishing a pan-African financial institution dedicated to advancing energy investments across the continent.

The Africa Energy Bank is now positioned for takeoff, marking a new chapter for energy financing in Africa where the institution is expected to play a pivotal role in mobilising resources for sustainable energy projects.

Nigerian leadership looks forward to partnering closely with APPO and the AfreximBank to facilitate the official commencement of the bank’s operations.