NIGERIA HAS BEEN GRANTED THE HOSTING RIGHTS FOR THE AFRICAN ENERGY BANK 05-07-24
By Sadiq Aminu The decision, which underscores Nigeria’s pivotal role in Africa’s energy landscape was taken at an extraordinary meeting of the Council of Ministers of the African Petroleum Producers Organization (APPO).
A statement by the Special Adviser Media and Communications to the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, Nneamaka Okafor says the Minister says the decision reflects the continents collective ambition to create African solutions to African energy challenges,”
Senator Lokpobiri stated that “The African Energy Bank would be instrumental in providing the necessary financial backbone for energy projects that would drive growth and development across the continent.”
The Minister who expressed gratitude for the support extended by President Bola Ahmed Tinubu in Nigeria’s bid to host the Bank, 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,” he emphasized. ”
Nigeria emerged as the preferred host nation amidst stiff competition from Ghana, Benin, Algeria, South Africa, and Cote D’Ivoire. The selection highlights Nigeria’s robust energy sector and its strategic vision for the continent’s energy future.
The Bank is expected to facilitate access to funding for energy projects, thereby catalyzing economic growth and enhancing energy security.
The Minister emphasized that this initiative aligns with the broader objectives of the African Union’s Agenda 2063, aiming for a prosperous and self-sustaining Africa.