Nigerian gov’t completes obligations for Africa Energy Bank take-off

The Nigerian government says it has completed its final obligations for the launch of the Africa Energy Bank, clearing the way for the institution to begin operations.

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This was made known in a statement issued Monday by the Nigerian Content Development and Monitoring Board (NCDMB).

According to the statement, Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, at the handover ceremony in Abuja said the government had concluded the procurement, construction and furnishing of the bank’s headquarters.

The minister said this has now been formally transferred to the African Petroleum Producers’ Organisation (APPO) and Afreximbank.

“Nigeria has completed its final obligations for the launch of the Africa Energy Bank, paving the way for the institution to begin operations,” the statement said.

In July 2024, the Nigerian government announced that it had won a bid to host the headquarters of the Africa Energy Bank (AEB).

At the time, the government said Nigeria emerged as the preferred host nation amidst stiff competition from Ghana, Benin, Algeria, South Africa, and Cote d’Ivoire. The selection, it said, highlights Nigeria’s robust energy sector and its strategic vision for the continent’s energy future.

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The bank, according to the government, is expected to facilitate access to funding for energy projects, thereby catalysing economic growth and enhancing energy security.

Mr Lokpobiri said Nigeria had met all the conditions required for the bank to commence operations.

“Nigeria has fulfilled all her commitments, and the last commitment was this bank,” he said.

The minister explained that earlier efforts to construct the headquarters were unsuccessful due to concerns over design and location.

“Attempts were made to construct the bank three times. The first was discarded for being too enormous, and the second was not accepted because of its location. We are happy that we got this one right,” he said.

According to him, the newly completed headquarters is fully furnished and ready for use.

“It is paid for and furnished, and Nigeria is happy to hand over this well-furnished Africa Energy Bank building to APPO and Afreximbank, who are the enablers of the bank,” he said.

Mr Lokpobiri said the federal government would continue to support the Africa Energy Bank, noting its strategic importance to oil and gas investment on the continent.

“Because of the strategic importance of the bank to oil and gas investment in Africa, we will do everything in our power to ensure the bank takes off,” he said.

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He confirmed that the bank is expected to commence operations by April, adding that all issues responsible for earlier delays have now been resolved.

“We have scheduled the bank to take off by April at the latest, as all the issues that were causing delays, including the headquarters, have now been resolved,” he said.

Formally handing over the facility, the minister added: “We are now formally handing over this furnished Africa Energy Bank to APPO and Afreximbank.”