To improve energy access and development throughout Africa, the Nigerian government has announced that the much-awaited $5 billion Africa Energy Bank will open for business on January 28, 2025.
Nicholas Ella, the Permanent Secretary of the Federal Ministry of Petroleum Resources and Executive Board Member representing Nigeria at the 19th Executive Board meeting of the African Petroleum Producers Organisation in Yaounde, Cameroon, revealed this.
Representatives from 13 member nations attended the summit.
The permanent secretary reaffirmed Nigeria’s dedication to the principles of APPO and the prompt establishment of the energy bank in Abuja in a statement released by the Ministry of Petroleum Resources on Friday.
Recall that Nigeria defeated Ghana, Algeria, South Africa, and the Benin Republic to win the right to host the Africa Energy Bank Headquarters in July 2024?
The AEB seeks to close funding shortfalls in the oil and gas sector on the continent.
Ella said, “I am pleased to address the Executive Board meeting on this very important subject matter – the take-off of the Africa Energy Bank Headquarters in Abuja, Nigeria.
“As you are no doubt aware, the headquarters building (of the Africa Energy Bank) was inspected by the Technical Team on May 24, 2024, and renovation works for its completion are ongoing.
“Nigeria is fully committed to delivering the building with furnishing to the bank in good time. We have the full support and cooperation of Mr President and our National Assembly to actualise this project in Nigeria.”