By John Ikani
Nigeria has thrown its hat in the ring to become the home of the newly proposed Africa Energy Bank (AEB).
The government believes its position as a leading energy producer and its central location within Africa make it the ideal candidate.
Nigeria laid out its bid at a dinner in Abuja for representatives of member countries of the Africa Petroleum Producers Organisation (APPO).
Hosting the AEB, officials said, would place the bank close to key energy experts, fostering collaboration on solutions to Africa’s energy crisis.
President Bola Tinubu, represented by the Minister of State for Petroleum Resources, Heineken Lokpobiri, emphasized the transformative potential of the AEB.
An operational AEB, he argued, would bolster energy security, fuel economic growth, and promote sustainable development across the continent.
The bank’s initial capital of $1.5 billion is expected to come from APPO members, with the total share capital reaching $5 billion over three years. AfreximBank, a pan-African multilateral trade finance institution, has already pledged $1.75 billion in support.
“Nigeria’s bid to host the AEB headquarters reflects our unwavering commitment to these goals,” Lokpobiri declared. He highlighted the country’s recent preparation efforts, including a positive assessment by a joint APPO-AfreximBank inspection team.
However, Lokpobiri acknowledged the competition. He urged the APPO member countries’ ambassadors present to recognize the advantages of a Nigerian-based AEB. Nigeria, he argued, boasts a strategic location, robust infrastructure, and a thriving energy sector.
“We are committed to fostering a collaborative environment that will enable the AEB to thrive,” Lokpobiri pledged. He called upon Nigeria’s Ministry of Foreign Affairs to actively campaign for the bid through its embassies in APPO member countries.
The Permanent Secretary of the Ministry of Petroleum Resources, Nicholas Ella, elaborated on Nigeria’s strategic advantages. Abuja’s central location within West Africa, he explained, offers unparalleled connectivity and accessibility.
Its extensive transportation network, Ella said, would provide the AEB with easy access to key energy markets and decision-makers across Africa.
Nigeria’s vast energy resources, Ella continued, presents another compelling reason to choose the country. With abundant oil, gas, and renewable energy potential, Nigeria is uniquely positioned to support the AEB’s mission of harnessing Africa’s energy potential.
The Permanent Secretary of the Ministry of Foreign Affairs, Adamu Lamuwa, echoed the importance of the decision. The choice of host country, he said, will shape the course of energy cooperation and development in Africa for years to come.
Lamuwa expressed his confidence in the potential of African nations, working together, to address the continent’s energy challenges and build a brighter future.
