Nigeria Gets nod to Host African Energy Bank


L-R Permanent Secretary, Ministry of petroleum resources, Amb. Nicholas Ella, Minister of State for Petroleum Resources (Oil) Sen. Heineken Lokpobiri, Nigeria’s Consultant on African Energy Bank, Mr Sulaiman Yahaya, at the APPO Extraordinary Meeting of Ministers to decide the location of the Bank

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July 5, 2024.

Azonuchechi Chukwu.

Nigeria has been granted the hosting right for the African Energy Bank (AEB) after beating Ghana, Benin Republic, Algeria, South Africa and Cote D’Ivoire in a keenly contested bidding.

Sen. Heineken Lokpobiri, the Minister of State, Petroleum Resources (Oil), told newsmen in Abuja on Thursday, that the award of hosting right for the bank highlighted Nigeria’s robust energy sector.

He said “the award of the hosting right also highlights the country ‘s strategic vision for Africa’s energy future.”

Lokpobiri expressed gratitude to President Bola Tinubu for the support extended during the course of the bidding.

He also thanked the Council of Ministers of the African Petroleum Producers Organisation (APPO) for the confidence in Nigeria’s capability.

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

He emphasised that “this decision reflects our collective ambition to create African solutions to Africa’s energy challenges.

“The African Energy Bank will be instrumental to providing the necessary financial backbone for energy projects that will drive growth and development across the continent.

“The decision is a significant step for the continent’s energy sector and underscores Nigeria’s pivotal role in Africa’s energy landscape.”

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

He said that the initiative aligned with the broader objectives of African Union’s Agenda 2063, aiming for a prosperous and self-sustaining Africa.

“We are committed to ensuring that the bank did not only move Nigeria forward, but becomes a beacon of progress for the entire continent.

“Our goal is to foster sustainable energy solutions that are both innovative and inclusive.”

The News Agency reports that the bank is expected to facilitate access to funding for energy projects, thereby catalysing economic growth and enhancing energy security. (

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247news
Azonuchechi Chukwu - Business Journalist at Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the team.

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