Nigeria secures hosting rights for African Energy Bank headquarters

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Nigeria has secured the bid to host the headquarters of the African Energy Bank (AEB).

AEB is a global multilateral institution aimed at financing Africa’s hydrocarbon resources and supporting energy transition and net-zero commitments.

This achievement is anticipated to transform Nigeria’s oil and gas sector and establish the country as a pivotal player in Africa’s energy sector.

The announcement was made by the Minister of State for Petroleum Resources, Heineken Lokpobiri, during a briefing in Abuja on Thursday, following a meeting of the Council of Ministers of the African Petroleum Producers’ Organization and Afrexim Bank, the bank’s joint promoters.

The establishment of the $5 billion Africa Energy Bank in Nigeria is expected to yield numerous benefits, including boosting Nigeria’s Gross Domestic Product (GDP), creating employment opportunities, and enhancing financial infrastructure and inclusivity.