By: Kamal Yalwa
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, announced that preparations for the launch of the $5 billion African Energy Bank (AEB) have reached their final phase. This follows a high-level review meeting in Abuja with Afreximbank President Professor Benedict Oramah and African Petroleum Producers’ Organisation (APPO) Secretary-General Dr Farouk Ibrahim.
According to a statement by the minister’s media aide, Nneamaka Okafor, critical legal and governance frameworks have been finalized, and capital mobilisation efforts are progressing well, with strong commitments from both APPO member states and private investors.
The AEB, headquartered in Abuja, is a newly formed continental institution designed to address Africa’s energy financing gap amid declining foreign investment driven by the global energy transition. The bank aims to mobilise capital for vital energy infrastructure and projects, with an initial capital target of $5 billion and plans to scale up to $120 billion.
Lokpobiri described the AEB as “a transformative financing platform” that will accelerate energy security and economic growth across Africa. He expressed appreciation to President Bola Tinubu for his support in advancing the initiative, adding that Nigeria’s role as host country underscores its leadership in Africa’s hydrocarbon sector.
APPO Secretary-General Ibrahim praised Nigeria’s swift efforts to meet the criteria for the bank’s establishment, noting a unified commitment to affordable and sustainable energy access. Afreximbank’s Oramah added that the bank is ready to contribute its capital and expertise to ensure the success of the launch.
The parties confirmed that a launch timeline and the date for the inaugural board meeting have been fixed and will be announced soon.
Separately, Lokpobiri also flagged off construction of the permanent site of the Bauchi Oil and Gas Academy, Alkaleri (BOGAA), highlighting it as a key element in Nigeria’s strategy to develop skilled manpower for the energy sector.
He emphasized that President Tinubu has approved critical regulatory licenses for the Kolmani Integrated Development Project to increase national production. Lokpobiri reaffirmed the administration’s commitment to transforming Nigeria’s energy sector to drive industrial growth and boost revenue.
Bauchi State Governor, Senator Bala Mohammed, welcomed the federal government’s support, calling the academy a strategic investment in education and energy innovation that will benefit the entire country. Lokpobiri also encouraged collaboration between the academy and the Petroleum Technology Development Fund (PTDF) to ensure long-term sustainability.
