Nigeria secures hosting rights for African energy bank

Heineken Lokpobiri and Bola Tinubu

Nigeria has emerged winner of the bid to host the headquarters of the African Energy Bank (AEB).

AEB is a global multilateral institution aimed at financing Africa’s hydrocarbon resources and supporting energy transition and net-zero commitments.

This development is expected to reshape Nigeria’s oil and gas ecosystem and position the country as a key player in Africa’s energy landscape.

The Minister of State for Petroleum Resources, Oil, Heineken Lokpobiri, announced this in Abuja on Thursday, while briefing Journalists after a meeting of the Council of Ministers of African Petroleum Producers’ Organization and Afrexim Bank, the joint promoters of the bank.

The hosting of the $5 billion Africa Energy Bank in Nigeria is expected to bring numerous benefits, including boosting Nigeria’s Gross Domestic Product (GDP), enhancing employment opportunities, strengthening financial architecture and inclusion among others.