Nigeria to host African Energy bank

Nigeria has been granted the prestigious hosting rights for the African Energy Bank. The decision was made during an extraordinary meeting of the Council of Ministers of the African Petroleum Producers Organization (APPO).

The decision, lauded as a significant step for the continent’s energy sector, underscores Nigeria’s pivotal role in Africa’s energy landscape.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, in a message through his Special Adviser on Media and Communication, Nneamaka Okafor, expressed his gratitude for the support extended by President Bola Ahmed Tinubu in Nigeria’s bid to host the Bank. Lokpobiri also extended his thanks to the council for their confidence in Nigeria’s capability.

 

ALSO READ:FG reiterates commitment to improving human development by 2030

“This decision reflects our collective ambition to create African solutions to African energy challenges. The African Energy Bank will be instrumental in providing the necessary financial backbone for energy projects that will drive growth and development across the continent.”

Tribune Online reports that Nigeria emerged as the preferred host nation amidst stiff competition from Ghana, Benin, Algeria, South Africa, and Cote D’Ivoire. The selection thus highlights Nigeria’s robust energy sector and its strategic vision for the continent’s energy future.

Lokpobiri assured Nigerians and Africans at large that the establishment of the African Energy Bank would mark a transformative era in meeting energy needs.

“We are committed to ensuring that this Bank will not only move Nigeria forward but will also be a beacon of progress for the entire continent. Our goal is to foster sustainable energy solutions that are both innovative and inclusive.”

The Bank is expected to facilitate access to funding for energy projects, thereby catalyzing economic growth and enhancing energy security. The Minister emphasized that the initiative aligns with the broader objectives of the African Union’s Agenda 2063, aiming for a prosperous and self-sustaining Africa.

The Minister highlighted the collaborative spirit of the APPO members and their shared vision for a united, energy-secured Africa.

He reiterated his gratitude to President Tinubu for his unwavering support and to the Council of Ministers for their trust in Nigeria’s ability to lead this pivotal initiative.