Afreximbank is set to transfer its full equity investment of $1.25 billion into the newly established $5 billion Africa Energy Bank (AEB), which is due to become operational before the end of next month.
President of Afreximbank, Prof. Benedict Oramah, met with Nigeria’s minister of state, Petroleum Resources (Oil), Heineken Lokpobiri, in Abuja on Wednesday.
The AEB, headquartered in Abuja, Nigeria, is a collaborative effort between Afreximbank and the African Petroleum Producers Organization (APPO), is poised to launch with an asset base of $5 billion, and projected to grow to $120 billion in five years time, marking a significant milestone in Africa’s quest for energy security and sustainability.
Afreximbank, as a key partner, is transferring her full equity investment in the oil and gas sector, underscoring its commitment to driving energy infrastructure development across the continent.
Speaking during Prof. Oramah’s visit, the minister of state for Petroleum Resources, Heineken Lokpobiri, reiterated Nigeria’s strong support for the AEB and its pivotal role in unlocking Africa’s energy potential.
“Nigeria, as a leading oil and gas producer, is well-positioned to leverage this transformative initiative. We encourage industry players to seize this opportunity to invest in Africa’s energy future,” the minister stated.
Following the discussions, Senator Lokpobiri and Prof. Oramah proceeded to the AEB Headquarters for an inspection tour to assess the level of readiness ahead of the commencement of operations. The visit provided firsthand insights into the bank’s operational preparedness and strategic alignment with Africa’s broader energy development goals.
Speaking on the significance of the AEB, Oramah emphasised its role in bridging Africa’s energy financing gap. “The establishment of the Africa Energy Bank is a game-changer for the continent.
The Afreximbank President commended Nigeria for taking the bull by the horn in hosting the headquarters of Africa Ene Bank and expressed confidence in Nigeria’s oil and gas portfolio as the bank will not only benefit the energy sector in Africa but will guarantee immediate benefit for Nigeria.
The minister reaffirmed Nigeria’s readiness to collaborate towards its success. “This bank represents a bold step in ensuring that Africa controls and finances its energy future. It is an avenue for stakeholders to invest in a self-sustaining energy sector that will drive industrialisation, job creation, and economic prosperity,” he added.
As Africa prepares for the operational launch of the AEB, the Nigerian government called on industry stakeholders to engage proactively and explore the vast opportunities this initiative presents. The successful takeoff of the AEB will mark a new era in Africa’s energy development, positioning the continent as a global force in the sector.