Nigeria to Host Newly Formed Africa Energy Bank

Date:

ABUJA, July 4 – Nigeria has been selected to host the newly established Africa Energy Bank (AEB), beating out three rival nations, according to Oil Minister Heineken Lokpobiri. This decision was made at an extraordinary meeting of the Council of Ministers of the African Petroleum Producers Organization (APPO), placing Nigeria at the forefront of Africa’s energy future.

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Nigeria’s successful bid was bolstered by its ratification of the bank’s charter and President Bola Tinubu’s approval of a $100 million investment, exceeding the required $83.33 million. The AEB, a collaboration between Afrexim Bank and APPO, aims to fund energy projects and support energy transition goals across the continent.

Lokpobiri stated, “This decision reflects our collective ambition to create African solutions to African energy challenges.” He added that the AEB would provide crucial financial support for energy projects driving growth and development across Africa.

The AEB will initially have $5 billion to invest when it launches later this year. Analysts note that Nigeria’s hosting of the bank signifies confidence in the country’s energy sector, which is seeking new investments. Nigeria, a founding member of APPO and one of Africa’s top energy producers, has demonstrated a strong commitment to the bank. Other countries that vied to host the AEB included Algeria, Benin, and Ghana, with Ivory Coast and South Africa not meeting the necessary requirements.

By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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