Samson EchenimThe Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri on Sunday said key legal and governance frameworks required for the operational rollout of the African Energy Bank (AEB) have been concluded.
The minister in a statement said preparations for the official launch of the AEB were in final stage.
Giving his strong assurance of the bank beginning operation soon, the minister asserted that in addition to the completion of regulatory frameworks, discussions on capital mobilisation had also recorded “encouraging commitments from both member nations and private investors.”
“The AEB is poised to become a transformative financing platform for energy projects across the continent. This review confirms that every critical milestone is either completed or on schedule, and we remain fully aligned with our continental partners,” Lokpobiri was quoted in the statement by his Special Assistant on Media and Communications, Nneamaka Okafor.
According to Okafor, Lokpobiri spoke about the bank’s unveiling plans during a high-level review meeting with key stakeholders held in Abuja. He stated that the meeting was used to assess progress on the bank’s esestablishment, during which the minister confirmed that critical milestones hahas been reached.
Lokpobiri said Nigeria’s role as the host country for the AEB reaffirmed the country’s leadership position in Africa’s hydrocarbon sector, noting that the AEB is expected to play a pivotal role in closing the energy investment gap on the continent by financing both traditional and renewable energy projects tailored to Africa’s developmental needs.
He expressed optimism in stakeholders’ commitment to transparency and efficiency in the final stages of the bank’s takeoff.
“Our collective focus is on delivering a bank that catalyses investment, accelerates energy security, and drives economic growth across Africa,” he added.
The president of the African Export-Import Bank, Benedict Oramah, one of the key stakeholders present at the high-level meeting, said his bank was ready to provide structuring expertise and capital strength to ensure the successful launch of the bank.
“Afreximbank is ready to deploy its structuring expertise and capital base to ensure the AEB launches with the strength and credibility required to attract global co-investors,” Oramah said.
Also at the meeting was the Secretary General of the African Petroleum Producers Organisation, Omar Farouk Ibrahim.
“We are impressed by Nigeria’s dedication to meeting the stringent requirements for bank establishment. The collaboration we witnessed today signals a unified resolve to deliver affordable, sustainable energy to Africans,” Ibrahim was quoted in the statement.
Azeez Buki
The Economy
