…Commends Nigeria For Hosting Headquarters
The President of African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has said that the establishment of Africa Energy Bank (AEB) will be a game-changer for the continent in its quest for energy security and sustainability.
This is even as he commended Nigeria for hosting the headquarters of the bank which initial capital base of $5 billion is targeted to grow to $120 billion in five years.
Prof. Oramah spoke while being received in Nigeria by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Ph.D.
The visit was in furtherance of ongoing engagements towards the commencement of operations by the Africa Energy Bank (AEB), a landmark initiative set to transform the continent’s energy landscape.
The Africa Energy Bank, a collaborative effort between Afreximbank and the
African Petroleum Producers Organization (APPO), is poised to launch with an asset base of USD5 billion, and projected to grow to USD 120 billion in five years time,
marking a significant milestone in Africa’s quest for energy security and
sustainability.
Afreximbank, as a key partner, is transferring her full equity investment in the oil and gas sector, underscoring its commitment to driving energy infrastructure development across the continent.
Speaking on the significance of the AEB, Dr. Oramah emphasized its role in bridging Africa’s energy financing gap.
“The establishment of the Africa Energy Bank is a game-changer for the continent”, Oramah stated.
The Afreximbank President commended Nigeria for taking the bull by the horn in hosting the headquarters of Africa Energy Bank and expressed confidence in Nigeria’s oil and gas portfolio as the bank will not only benefit the energy sector in Africa but will guarantee immediate benefit for Nigeria.
On his part, the Minister reaffirmed Nigeria’s readiness to collaborate towards its success.
“This bank represents a bold step in ensuring that Africa controls and finances its energy future. It is an avenue for stakeholders to invest in a self-sustaining energy sector that will drive industrialization, job creation, and economic prosperity,” he added according to a statement by Nneamaka Okafor, SA media and communication to the Minister.
As Africa prepares for the operational
launch of the AEB, the Nigerian
Government calls on industry stakeholders to engage proactively and explore the vast opportunities this initiative presents.
During the meeting, Senator Lokpobiri
reiterated Nigeria’s strong support for the AEB and its pivotal role in unlocking Africa’s energy potential.
“Nigeria, as a leading oil and gas producer, is well-positioned to leverage this transformative initiative. We encourage industry players to seize this opportunity to invest in Africa’s energy future,” the Minister stated.
Following the discussions, Senator
Lokpobiri and Dr. Oramah proceeded to the AEB Headquarters for an inspection tour to assess the level of readiness ahead of the commencement of operations.
The visit provided first-hand insights into the bank’s operational preparedness and strategic alignment with Africa’s broader energy development goals.
The successful take off of the AEB will mark a new era in Africa’s energy development, positioning the continent a s a global force in the sector
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