The Federal Government has successfully concluded the legal and governance structures required to kick-start operations at the long-anticipated African Energy Bank (AEB), solidifying Nigeria’s leadership role in driving energy investment across the continent.
This milestone was announced after a high-level review meeting in Abuja over the weekend, convened by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri. The session was attended by prominent stakeholders including the President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, and the Secretary General of the African Petroleum Producers’ Organization (APPO), Omar Farouk Ibrahim.
According to a statement by Nneamaka Okafor, the minister’s media aide, the meeting confirmed that foundational requirements—ranging from regulatory compliance to capital mobilisation—have either been completed or are progressing according to schedule. The Minister noted that the successful implementation of these milestones puts the bank on the path to official commissioning.
“The AEB is poised to become a transformative financing platform for energy projects across the continent,” Lokpobiri stated, while applauding President Bola Tinubu for his continued backing of the initiative.
In a move that underscores Nigeria’s deep commitment to the venture, the minister disclosed that over $19 billion has already been mobilised as seed capital for the AEB. This sum, pooled from member nations and private investors, will provide the foundation for the bank’s investment operations—targeted at both fossil fuel and renewable energy sectors.
Nigeria was earlier selected as the host country for the headquarters of the African Energy Bank, a decision that not only reinforces the country’s pivotal role in the continent’s hydrocarbon sector but also places Abuja at the epicenter of Africa’s future energy security strategy.
The parties involved have now fixed a definitive timeline for the inaugural board meeting of the AEB, with details to be announced in the coming days. Stakeholders expressed optimism that the operational rollout will be seamless and impactful.
Secretary General of APPO, Omar Ibrahim, commended Nigeria’s dedication and leadership in meeting the rigorous conditions necessary for the bank’s takeoff. “The collaboration we witnessed today signals a unified resolve to deliver affordable, sustainable energy to Africans,” he said.
On his part, Prof. Oramah of Afreximbank reiterated the institution’s full support, offering structuring expertise and financial capacity to ensure the bank’s credibility and long-term success. “Afreximbank is ready to deploy its structuring expertise and capital base to ensure the AEB launches with the strength and credibility required to attract global co-investors,” he said.
The African Energy Bank is designed to address a critical financing gap in Africa’s energy landscape. By offering long-term funding for energy infrastructure—ranging from oil and gas to renewables like solar and hydro—the bank aims to catalyse economic development and industrialisation across the continent.
According to industry analysts, the successful launch of the AEB will play a critical role in reducing Africa’s dependency on foreign capital markets for energy investments. It also aligns with the African Union’s Agenda 2063, which prioritises energy access and sustainability as key drivers of growth.
While the bank missed its earlier March 2025 operational target, the Minister assured the public that the delay was due to finalising structural and legal frameworks. He confirmed that the physical facility in Abuja has undergone final renovations in preparation for the official launch.
With the groundwork now laid, Nigeria’s vision of becoming Africa’s energy financing hub is one step closer to reality. As the African Energy Bank moves into its final preparatory phase, stakeholders across the continent await the institution’s inauguration—a game-changing development that promises to reshape Africa’s energy future.