More
    HomeBusinessNigerian Government Seeks to Host $5 Billion Africa Energy Bank

    Nigerian Government Seeks to Host $5 Billion Africa Energy Bank

    Published on

    By Milcah Tanimu

    The Nigerian government has expressed its readiness to host the Africa Energy Bank (AEB) during a dinner event held for the heads of mission of the Africa Petroleum Producers Organisation (APPO) in Abuja on Tuesday. The government believes that hosting the bank in Nigeria will ensure proximity to key energy technocrats and experts, crucial for developing effective solutions to Africa’s energy challenges.

    President Bola Tinubu, represented by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, emphasized the strategic advantages of situating the AEB headquarters in Abuja. He highlighted Nigeria’s significant oil and gas reserves, human capital, financial infrastructure, and access to decision-makers as vital factors for addressing Africa’s energy access crisis.

    “Tonight, we stand on the precipice of a transformative opportunity, one that holds immense promise not only for Nigeria but for the entire African continent,” Tinubu stated.

    Lokpobiri outlined the proposed share capital for the bank, amounting to $5 billion, with $1.5 billion reserved for APPO member countries. AfreximBank has already approved an investment of $1.75 billion for the bank. He stressed that Nigeria’s bid to host the AEB headquarters is a testament to the country’s commitment to energy security, economic growth, and sustainable development across Africa.

    To secure the hosting rights, Lokpobiri called for the collective support of all APPO member countries, noting that Nigeria’s competitors have intensified their lobbying efforts. He urged ambassadors to advocate for Nigeria’s bid, highlighting the country’s strategic geographical location, robust infrastructure, and dynamic energy sector.

    The Permanent Secretary of the Ministry of Petroleum Resources, Nicholas Ella, further underscored Nigeria’s strategic location and connectivity, making Abuja an ideal nexus for the Africa Energy Bank. He noted Nigeria’s extensive network of transportation infrastructure and logistical capabilities, which would provide unparalleled access to key energy markets and stakeholders across Africa.

    Ella also emphasized Nigeria’s rich endowment of oil, gas, and renewable energy resources as a significant advantage for the AEB. With over 37 billion barrels of oil and 5 trillion cubic meters of natural gas reserves, Nigeria ranks among the top energy producers in Africa. Additionally, Nigeria’s growing renewable energy sector, characterized by abundant solar and wind resources, offers immense potential for powering Africa’s future.

    The Permanent Secretary of the Ministry of Foreign Affairs, Adamu Lamuwa, represented by Nigeria’s Ambassador to Cuba, Ben Okoye, highlighted the importance of this decision for the future of energy cooperation and development across Africa. He expressed gratitude for the dedication and commitment of APPO members to fostering collaboration and partnership among African nations.

    As Nigeria embarks on this transformative journey, the government remains confident in its ability to realize a prosperous and progressive future for all Africans through cooperation, inclusivity, and sustainability.

    Latest articles

    Northern Youth Group Claims Plot to Undermine Tinubu’s Security Efforts

    By Milcah Tanimu The Grand Alliance of Coalition of Northern Youths Movement (GANOM) has sounded...

    ABUTH Resident Doctors Initiate 5-Day Strike Over Salary Demands

    By Milcah Tanimu Resident doctors at Ahmadu Bello University Teaching Hospital (ABUTH), Zaria, have begun...

    Chima Udoye Wins 2024 Nigerian Idol

    By  Milcah  Tanimu Chima Udoye has emerged as the winner of the 2024 Nigerian Idol,...

    Court Dismisses Abacha Family’s N500m Suit Against Nigerian Government Over Abuja Property

    By Milcah Tanimu A Federal High Court in Abuja has dismissed a suit filed by...

    More like this

    Northern Youth Group Claims Plot to Undermine Tinubu’s Security Efforts

    By Milcah Tanimu The Grand Alliance of Coalition of Northern Youths Movement (GANOM) has sounded...

    ABUTH Resident Doctors Initiate 5-Day Strike Over Salary Demands

    By Milcah Tanimu Resident doctors at Ahmadu Bello University Teaching Hospital (ABUTH), Zaria, have begun...

    Chima Udoye Wins 2024 Nigerian Idol

    By  Milcah  Tanimu Chima Udoye has emerged as the winner of the 2024 Nigerian Idol,...