The Africa Energy Bank (AEB) is set to commence operations in the first quarter of 2025, aiming for an ambitious $120 billion asset base, Reuters reported on February 11.
Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, confirmed the development, with Nigeria having secured the hosting rights for the bank last July after competing against three other nations.
“The building is complete, and we’re making the final preparations. Before this quarter ends, the bank will be up and running,” said Minister Lokpobiri.
Established through a partnership between the African Export-Import Bank and the African Petroleum Producers Organization, the AEB is designed to fund oil and gas projects while supporting the continent’s energy transition goals.
