By John Ikani
Nigeria’s Minister of Petroleum (Oil), Heineken Lokpobiri, has reaffirmed Nigeria’s dedication to launching the $5 billion African Energy Bank by September 2024.
Nigeria recently secured the hosting rights for this bank, which aims to simplify funding for energy projects across the continent, thus stimulating economic growth and bolstering energy security.
The nation outpaced competitors like Ghana, Benin, Algeria, South Africa, and Cote d’Ivoire in the bidding process.
During a meeting with Omar Farouk Ibrahim, the Secretary General of the African Petroleum Producers Organisation (APPO), in Abuja, Lokpobiri emphasized Nigeria’s readiness to fulfil the requirements for establishing the bank.
“We want to unequivocally state that Nigeria is fully committed to its responsibilities as the host nation,” Lokpobiri asserted.
“We are working tirelessly to ensure we meet the September deadline. We are confident that we will achieve this. Even if we slightly miss the deadline, the entire continent will recognize that everything is nearly in place, and the bank can commence operations.”
“The key matters at hand—the host country agreement, the headquarters building, and the remaining subscription balance—are being addressed with utmost seriousness to ensure fulfilment before September ends, allowing the bank to launch,” he further explained.
In response, APPO Secretary General, Umar Ibrahim, urged the Nigerian government to uphold the commitments that led to Nigeria being awarded the hosting rights. He emphasized that Nigeria’s victory was fair and square, and the nation cannot disappoint those who supported its bid.
“Everyone is looking to Nigeria; ministers from other countries are inquiring about our progress and when we’re starting,” Ibrahim stated.
“There are a few outstanding issues: the host country agreement, the preparation of the headquarters building, and closing the gap between Nigeria’s pledge and its current contribution,” he concluded.
