Preparations for the official launch of the African Energy Bank (AEB) have reached an advanced stage, with Nigeria confirming the completion of key legal and governance frameworks to facilitate the rollout of the $5 billion institution designed to support energy infrastructure across the continent.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made the disclosure following a high-level review meeting in Abuja with the President of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah, and the Secretary-General of the African Petroleum Producers’ Organisation (APPO), Dr. Farouk Ibrahim.
The AEB, headquartered in Abuja, is a landmark multilateral financial institution established to mobilise capital for Africa’s energy projects amid shrinking global investment flows into fossil fuels. The bank is structured to scale its initial capital base from $5 billion to $120 billion, positioning it as a key player in financing Africa’s energy transition and long-term energy security.
According to Lokpobiri, capital mobilisation efforts have received strong support from APPO member states, national oil companies, and private sector investors, reflecting widespread confidence in the institution’s mandate.
“The AEB is poised to become a transformative financing platform for energy projects across the continent,” Lokpobiri said. “Every critical milestone is either completed or on schedule, and we remain fully aligned with our continental partners.”
The Minister commended President Bola Ahmed Tinubu for his strategic backing of the initiative and reaffirmed Nigeria’s commitment to ensuring a transparent, efficient launch process.
“This project underscores Nigeria’s leadership within Africa’s energy space. Our focus remains on delivering a sustainable institution that accelerates investment, energy access, and shared prosperity across the region,” he stated.
Dr. Farouk Ibrahim of APPO lauded the progress made so far and Nigeria’s role in meeting the institutional requirements necessary for a credible and bankable launch. He noted that the establishment of the AEB was a collective response by African energy producers to the financing vacuum created by restrictive global climate policies.
“We are impressed by Nigeria’s dedication to meeting the stringent requirements for bank establishment. This collaboration signals a unified resolve to deliver affordable, sustainable energy to Africans,” Ibrahim said.
Also speaking, Professor Benedict Oramah confirmed Afreximbank’s readiness to deploy its technical and capital structuring capacity to operationalise the bank and attract global co-investors. He highlighted that the AEB is being built to meet international financing standards, which will allow it to leverage multilateral and private funding in the future.
The parties confirmed that a definitive launch timeline has been established, and the inaugural board meeting date will be announced shortly.
In a related development, Lokpobiri also flagged off the construction of the permanent site for the Bauchi Oil and Gas Academy (BOGAA) in Alkaleri. The academy is expected to complement the federal government’s broader agenda for local capacity development in the oil and gas sector.
The Minister explained that the institution will play a pivotal role in training skilled manpower required to operate Nigeria’s expanding energy infrastructure, including assets under the Kolmani Integrated Development Project.
“President Tinubu is intentional about transforming our energy landscape into one that fuels industrial growth, creates jobs, and enhances national revenue,” Lokpobiri noted.
He also emphasised the importance of leveraging domestic fossil fuel resources while investing in long-term human capital through institutions like BOGAA, in alignment with the federal government’s collaboration with the Petroleum Technology Development Fund (PTDF).
With the African Energy Bank approaching full operational status, stakeholders across the continent view the development as a game-changer in reshaping Africa’s energy financing ecosystem, particularly for projects in oil, gas, and renewable energy sectors that have struggled to attract traditional funding in recent years.
