Nigeria has won its bid to host the headquarters of the Africa Energy Bank (AEB).

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this while speaking to journalists after a virtual meeting of the council of ministers of the African Petroleum Producers Organisation (APPO) on Thursday.

The government said Nigeria emerged as the preferred host nation amidst stiff competition from Ghana, Benin, Algeria, South Africa, and Cote d’Ivoire. The selection, it said, highlights Nigeria’s robust energy sector and its strategic vision for the continent’s energy future. The bank, according to the government, is expected to facilitate access to funding for energy projects, thereby catalysing economic growth and enhancing energy security.

Mr Lokpobiri emphasised that this initiative aligns with the broader objectives of the African Union’s Agenda 2063, aiming for a prosperous and self-sustaining Africa.

“I am delighted to share that Nigeria has been selected to host the headquarters of the African Energy Bank. This prestigious honour is a testament to our country’s leadership and commitment in the energy sector.

“As the Minister for Petroleum Resources (Oil), I am incredibly proud of this achievement. The African Energy Bank will be a cornerstone for financing and advancing energy projects across Africa, promoting innovation, sustainability, and economic growth.

“This is a remarkable victory for Nigeria and the entire African continent. It symbolises our collective efforts to harness and develop our rich energy resources for a brighter, more sustainable future,” Mr Lokpobiri said. He assured Nigerians and Africans at large that the establishment of the AEB would mark a transformative era in meeting energy needs.

“We are committed to ensuring that this bank will not only move Nigeria forward but will also be a beacon of progress for the entire continent. Our goal is to foster sustainable energy solutions that are both innovative and inclusive,” he added.

He highlighted the collaborative spirit of the APPO members and their shared vision for a united, energy-secured Africa.

Mr Lokpobiri reiterated his gratitude to Mr Tinubu for his unwavering support and to the council of ministers for their trust in Nigeria’s ability to lead this pivotal initiative.

“Thank you to everyone who made this possible. Together, we are shaping the future of energy in Africa, starting right here in Nigeria,” he said.

Desire to host
Last month, the Nigerian government expressed readiness to host the bank.

Speaking at the bidding exercise which took place at a dinner for the heads of mission of the envoys of members of APPO in Abuja at the time, President Bola Tinubu said hosting the bank in Nigeria will ensure proximity to opportunities essential for formulating and implementing effective solutions to Africa’s energy challenges.

Mr Tinubu, represented by Mr Lokpobiri, noted that the bank’s share capital, put at $5 billion, is expected to be subscribed over three years with an initial capital of $1.5 billion reserved for APPO member countries.

AfreximBank has been supporting APPO to establish the bank and has approved an investment of $1.75 billion for the bank.

https://www.premiumtimesng.com/business/business-news/709717-nigeria-wins-bid-to-host-5-billion-africa-energy-bank.html

Okoroawusa:
This is good news

ChizzyBuna:
Scam

89green:
I hope we are not the wrong Nation for this bid , All the best though.

Helinuess pls my 30k urchins salary for June is yet to be paid.

StreetFight:
South Africa and Algeria can compete with us, but when Ghana and Benin Republic who cannot breathe without Nigeria dey show face, then something is wrong. Countries that cannot even compete with Ibadan, not to talk of Port Harcourt, Lagos and Abuja no even dey for the discussion

StreetFight:
South Africa and Algeria can compete with us, but when Ghana and Benin Republic who cannot breathe without Nigeria dey show face, then something is wrong. Countries that cannot even compete with Ibadan, not to talk of Port Harcourt, Lagos and Abuja no even dey for the discussion

hafeeanubasy:
You will see OBI people telling us its is not our PRIORITY.

And if we are denied Peter obi will mount the twitter to tell us how NIGERIA WAS DENIED BECAUSE TINUBU HAS RUINED THE COUNTRY



OP HAS FORGOTEN TO ADD THAT WE ARE ALSO HOSTING THE AFRICAN CENTRAL BANK

ALTERNATEID:


You are talking nonsense. Every sovereign country has the right to compete for hosting the energy bank. Ethiopia is not among the biggest economies in Africa but the headquarter of AU is located in Addis Ababa. In case you wish to know, Nigeria competed for the right to host the then OAU headquarters before it was won by Ethiopia.

The energy bank is a big deal for Nigeria. We are looking at over $5billion inflow into the country. That’s why a lot of countries also competed to host the bank. Kudos to the Tinubu administration for pulling this off.

ChristCee:

Grow up, you guys hardly appreciate anything about this nation. Is it Tinubu you are against or Nigeria, the same nation you want your preferred candidate to rule?? Na so good news dey make you sad everytime??

lexy2014:


which $5b is flowing into the country?

even if it does, what will that do for you?

ALTERNATEID:


It doesn’t have to do anything for me in particular but the economy at large. Most importantly, an improved forex inflow will contribute to an improved economy and that will give haters like you a lot of hot tears. That’s enough for me.