Nigeria has taken a significant step in Africa’s drive for sustainable energy financing, formally handing over the headquarters of the Africa Energy Bank (AEB) to the African Petroleum Producers’ Organisation (APPO), clearing the way for the $5 billion institution to begin operations before mid-year.
The handover ceremony in Abuja drew senior government officials and continental stakeholders, highlighting Nigeria’s leading role in the establishment of the bank, which is designed to address persistent funding gaps in Africa’s oil and gas sector.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said Nigeria had met all its obligations as host nation, describing the delivery of the fully furnished headquarters as the final requirement for the bank’s launch.
He explained that securing a suitable facility proved challenging, with two earlier options rejected over concerns about size and location before the current site was approved. The building, he noted, was acquired, paid for and equipped entirely by Nigeria in fulfilment of its responsibilities.
“Today, we are reporting that Nigeria has met all its commitments, and the last one was providing this headquarters,” Lokpobiri said. “After earlier setbacks with other locations, we are pleased to hand over this fully furnished and completed building to APPO and Afreximbank as enablers of the AEB.”
With the headquarters issue resolved, he said, the remaining obstacles to the bank’s commencement had been removed, allowing operations to begin as early as April. He stressed that the bank’s launch is strategically important at a time when African oil and gas projects face tightening access to international financing.
Lokpobiri described the initiative as a response to what he called the “weaponisation of finance” against Africa, arguing that although the continent contributes minimally to global emissions, it is often pressured to halt fossil fuel development despite widespread energy poverty.
He added that global energy realities still point to the continued relevance of fossil fuels and the need for substantial investment.
