Nigeria Sets Jan. 2025 Deadline for $5bn Africa Energy Bank Headquarters

Samuel Mobolaji

The Federal Government has announced January 28, 2025, as the operational start date for the $5 billion Africa Energy Bank (AEB), which will be headquartered in Abuja.

This landmark project, spearheaded by the African Petroleum Producers Organisation (APPO) and Afreximbank, aims to address financing challenges in Africa’s oil and gas sector.

Ambassador Nicholas Ella, Permanent Secretary of the Ministry of Petroleum Resources and APPO Executive Board Member, confirmed the date at APPO’s 19th Executive Board Meeting in Yaoundé, Cameroon.

He reiterated Nigeria’s commitment to advancing the bank’s establishment, emphasising the support from President Bola Tinubu and the National Assembly.

In July 2024, Nigeria secured the hosting rights for the AEB after competing with Ghana, Algeria, South Africa, and Benin Republic. According to Ella, the designated headquarters building in Abuja has been inspected and is undergoing final renovations.

“President Tinubu and the National Assembly are fully backing this project, and we aim to deliver a fully furnished headquarters on schedule,” he said.

To support the bank’s launch, Nigeria has increased its equity contribution, having recently deposited an additional $10 million, bringing its total payment closer to full completion.

APPO Secretary-General Dr Farouk Ibrahim praised Nigeria’s dedication, noting that half of the required funds for the bank’s launch are already secured.

He urged APPO’s 13 member nations to sustain their financial commitments to ensure AEB’s smooth start, adding that APPO and Afreximbank will be the priority shareholders.

The operational launch of the AEB coincides with APPO’s 38th anniversary, marking a significant milestone for the 18-member bloc focused on developing Africa’s energy sector.