Heineken Lokpobiri, minister of state for petroleum resources (oil), says the Africa Energy Bank will be launched in the first quarter (Q1) of 2025.
Lokpobiri spoke to Reuters on Tuesday on the sidelines of the 2025 Sub-Saharan Africa international petroleum exhibition and conference (SAIPEC) in Lagos.
The minister said the bank, which targets an asset base of $120 billion, will fund oil and gas projects and support the continent’s energy transition goals.
“The building is ready, and we are only putting finishing touches to it, by the end of this quarter, this bank will take off,” Lokpobiri said.
“The building is ready, and we are only putting finishing touches to it, by the end of this quarter, this bank will take off,” Lokpobiri said.
During his speech, Lokpobiri said one of the greatest challenges to Africa’s energy development has been access to financing.
“As global investment in oil and gas declines due to energy transitions, Africa has decided to take charge by creating its own solutions,” he said.
He said the AEB has “the power to unlock billions in funding, accelerate infrastructure development, and secure Africa’s energy future”.
”This is how we take control of our destiny,” the minister added.
He also called for collaboration, stressing that every African nation must play a role “in strengthening this institution, ensuring it serves as a catalyst for economic transformation”.
In June 2024, the African Export-Import Bank (Afreximbank), the main funder of the project, signed a memorandum of understanding (MoU) with the Africa Petroleum Producers’ Organisation (APPO) to establish AEB.
A month later, Nigeria won the bid to host the headquarters of the bank.
On November 1, the ministry of petroleum resources
