After Missed Deadlines, Nigeria Completes Africa Energy Bank HQ, Awaits Final Launch
The Federal Government has announced the completion of the head office for the $5 billion Africa Energy Bank in Abuja, declaring it fully ready for operations.
The facility was officially presented on Thursday after an inspection by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.
Nigeria secured the hosting rights for the bank in July 2024, outcompeting Ghana, Algeria, South Africa, and Benin Republic. The institution, a joint initiative of the African Petroleum Producers Organization (APPO) and the African Export-Import Bank (Afreximbank), is designed to finance oil, gas, and renewable energy projects across the continent.
“I’m happy to disclose to Nigerians, Africans and the world that Nigeria has delivered on all obligations as the host country,” Lokpobiri stated, describing the headquarters as a “tastefully furnished, world-class” complex.
He emphasized that the ball is now in the court of APPO and Afreximbank to finalize commencement protocols, adding, “The building is ready; the bank is ready to go.”
APPO Secretary-General, Omar Farouk Ibrahim, highlighted the bank’s strategic importance, noting it was structured to ensure African control and prevent foreign investors from shaping its priorities in ways that might conflict with the continent’s developmental needs.
He identified limited funding, inadequate technology, and weak markets as the three critical challenges facing Africa’s energy sector, which the bank is poised to address.
The launch of the bank has already missed two previous timelines in January and June 2025. Its full operational take-off now depends on the conclusion of administrative processes by the founding partners. For Nigeria, hosting the headquarters cements its status as Africa’s energy hub and aligns with the Tinubu administration’s push to attract greater investment into the oil and gas sector.
- Trump Vows to Suspend Migration from “Third World Countries” After Washington Shooting
- Bandits Abduct Six Girls, Teenage Boy in FCT
- Jonathan Safely Evacuated from Guinea-Bissau Under Military Escort
Share your story or advertise with us: Whatsapp: +2348033202396 Email: sentinelnewsng@gmail.com
