Heineken Lokpobiri, the minister of state for petroleum resources (oil), says Nigeria is making efforts to meet the set targets necessary for the Africa Energy Bank (AEB) to begin operations.
In a statement on Thursday, Lokpobiri said he attended an African Petroleum Producers’ Organisation (APPO) meeting, where member states’ compliance with obligations under the body were reviewed.
“A key focus of our discussions was the progress towards the commencement of operations by the Africa Energy Bank (AEB), a strategic initiative designed to enhance energy financing across the continent,” Heineken said.
“Notably, member States are steadily fulfilling their statutory commitments, ensuring the bank’s foundation is robust and aligned with its objectives. As the host country, Nigeria is making significant strides in advancing the necessary processes to meet the set targets for the bank’s resumption.
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“Our efforts remain resolute, with all stakeholders working collaboratively to achieve the shared vision of a fully operational AEB within the projected timeline.”
The meeting, Lokpobiri said, reaffirmed member states’ collective commitment to strengthening Africa’s energy sector, “and we are optimistic about the milestones ahead”.
In June 2024, the African Export-Import Bank (Afreximbank), the main funder of the project, signed a memorandum of understanding (MoU) with the APPO to establish the AEB.
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A month later, Nigeria announced that it won the bid to host the headquarters of the bank.
In November 2024, the ministry of petroleum resources said the $5 billion AEB will commence operations on January 28, 2025, but the deadline was missed.
However, on February 11, Lokpobiri said the AEB will be launched in the first quarter (Q1) of 2025 — but this promise has remained unfulfilled.
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