$5bn Africa Energy Bank to begin operations in 2025
The Federal Government has confirmed that the much-anticipated $5 billion Africa Energy Bank will begin operations on January 28, 2025.This initiative is a significant step forward for improving energy access and development across the continent.
Amb. Nicholas Ella, Permanent Secretary of the Federal Ministry of Petroleum Resources and Nigeria's Executive Board Member at the African Petroleum Producers Organization, made this disclosure at the organization's 19th Executive Board meeting in Yaoundé, Cameroon.
Representatives from 13 member countries attended the meeting, emphasizing the importance of working together to advance Africa's energy landscape.
In a statement issued by the Ministry of Petroleum Resources on Friday, the Permanent Secretary reaffirmed Nigeria's commitment to the principles of the African Petroleum Producers Organization and announced the immediate establishment of the Africa Energy Bank in Abuja.
Recall Nigeria won the right to host the Africa Energy Bank headquarters in July 2024, beating out Ghana, Algeria, South Africa, and the Benin Republic.
The AEB seeks to close financing gaps in the continent's oil and gas industry.
Ella stated, "I am delighted to address the Executive Board meeting on this critical subject - the launch of the Africa Energy Bank Headquarters in Abuja, Nigeria."
"As you are no doubt aware, the Technical Team inspected the Africa Energy Bank's headquarters building on May 24, 2024, and renovation work is currently underway to complete it.
"Nigeria is committed to delivering the building and furnishings to the bank on time. We have Mr. President's and our National Assembly's full support and cooperation in carrying out this project in Nigeria."
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