Nigeria has been selected as the host country for the headquarters of the Africa Energy Bank. Established by the African Petroleum Producers Organization (APPO) and multilateral development financing institution the African Export-Import Bank (Afreximbank), the bank aims to improve access to financing for African oil and gas projects.
The decision followed a thorough selection process by the African Energy Bank Headquarters Ministerial Selection Committee, which evaluated factors including socio-economics, security and accessibility.
“This decision reflects our collective ambition to create African solutions to African energy challenges,” Nigeria’s Minister of State Petroleum Resources (Oil) Heineken Lokpobiri said. “The African Energy Bank will be instrumental in providing the necessary financial backbone for energy projects that will drive growth and development across the continent.”
APPO Member Countries, their national oil and gas companies and other investors will contribute the bank’s initial share capital of $5 billion.
