Nigeria has been chosen to host the headquarters of the Africa Energy Bank (AEB), a significant development announced by Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil). This announcement followed a virtual meeting of the council of ministers of the African Petroleum Producers Organisation (APPO) on Thursday.
The establishment of the AEB aims to improve access to funding for energy projects across the continent, thus spurring economic growth and enhancing energy security. Minister Lokpobiri highlighted that this initiative supports the African Union’s Agenda 2063, which envisions a prosperous and self-sustaining Africa.
“As the Minister for Petroleum Resources (Oil), I am incredibly proud of this achievement. The African Energy Bank will be a cornerstone for financing and advancing energy projects across Africa, promoting innovation, sustainability, and economic growth,” Lokpobiri stated.
He further described the selection as a significant win for both Nigeria and Africa as a whole, emphasizing the collective effort to leverage the continent’s abundant energy resources for a sustainable future.
AfreximBank has been instrumental in the establishment of the AEB, approving an investment of $1.75 billion to support the bank. This will be handy in the coming future, helping the country employ young people and help in facilitating a sustainable environment and economy.
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