FG Sets September Deadline to Launch Africa Energy Bank

By Adedapo Adesanya

The federal government has proclaimed that Nigeria is on track to launch the Africa Energy Bank by the end of September 2024, months after winning the bid to site the institution.

The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, while receiving the Secretary General of the African Petroleum Producers Organization (APPO), Mr Omar Farouk Ibrahim, assured that all necessary preparations, including structural framework and documentation, were being diligently addressed to meet the target date.

He also commended APPO for its dedication to the continent’s energy sector, highlighting the organization’s significant progress under his leadership.

“We want to very emphatically say that Nigeria is committed to hosting the African Energy Bank. We are working day and night to meet the September deadline, and we believe that we will be able to meet the deadline even if we can’t meet the deadline, the whole of Africa will see that we have put everything almost in place to host the bank.

“I want to assure you and the rest of APPO members that Nigeria is committed to her obligations as a host country, and it will not be a regret to APPO members that Nigeria was given the hosting right for the African Energy Bank,” the Minister said.

On his part, Mr Farouk Ibrahim said his visit was imperative to review Nigeria’s readiness for the Africa Energy Bank’s launch by the end of September 2024.

He appealed to the government of Nigeria not to disappoint APPO and to ensure it keeps up with its obligations.

“This is my first visit to Nigeria after Nigeria had won the hosting right to host the African Energy Bank headquarters. As a Nigerian, I am very proud of Nigeria.

“I want to appeal to you (Minister of Petroleum Resources) and to the government of Nigeria to do everything you can to conform with what you have promised APPO; the promises which informed the decision to give Nigeria the host right for Africa Energy Bank.

“Everybody is looking up to Nigeria. Ministers of other countries are already asking me when we will start. I am appealing to you (federal government) to help us to keep the Nigerian name flying.”

Business Post reports that the $5 billion Africa Energy Bank aims to address funding challenges in the African oil and gas industry and its launch is eagerly anticipated by stakeholders across the continent in the energy sector.