The Federal Government has announced that the long-awaited $5 billion Africa Energy Bank will open on January 28, 2025. This is an important step in improving energy access and development across Africa.
A Nigerian team, led by Amb. Nicholas Ella from the Federal Ministry of Petroleum Resources, shared this news during a meeting of the African Petroleum Producers Organization in Yaounde, Cameroon. Representatives from 13 countries attended this meeting.
The Ministry of Petroleum Resources released a statement saying that Nigeria is committed to supporting the goals of this organization and is taking steps to establish the energy bank in Abuja.
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In July 2024, Nigeria secured the rights to host the Africa Energy Bank’s headquarters, competing against Ghana, Algeria, South Africa, and Benin.
The purpose of the Africa Energy Bank is to help fund projects in the oil and gas sector across the continent.
Ella expressed his excitement about the bank’s launch at the meeting, noting that the headquarters building is currently being renovated and that Nigeria is committed to getting everything ready on time. He confirmed that they have the full support of the President and the National Assembly for this project.
