Nigeria has secured the bid to host the headquarters of the $5 billion African Energy Bank (AEB) following a competitive selection process.
The decision, made by the African Petroleum Producers Organisation (APPO) and Afrexim Bank, underscores Nigeria’s readiness and commitment, surpassing the required investment threshold with a $100 million commitment from key agencies under the Ministry of Petroleum Resources.
President Bola Tinubu’s leadership was instrumental in Nigeria’s successful bid, which was confirmed at an extraordinary meeting of APPO’s Council of Ministers.
Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, who made this known on Thursday in Abuja, emphasized Nigeria’s pivotal role in addressing Africa’s energy challenges through the AEB.
The bank aims to provide essential financial support for energy projects across the continent, aligning with the African Union’s Agenda 2063.
Nigeria emerged as the preferred host nation amidst strong competition from Ghana, Benin, Algeria, South Africa, and Cote D’Ivoire, highlighting its robust energy sector and strategic vision for Africa’s energy future.
The establishment of the AEB is anticipated to catalyze economic growth, enhance energy security, and significantly impact Nigeria’s GDP and employment landscape, marking a transformative era for the country’s economic diversification and foreign exchange management strategies.
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