Nigeria Beats South Africa, Ghana, Others To Host Headquarters Of African Energy Bank

Nigeria has been granted the prestigious hosting rights for the African Energy Bank.

The decision was taken at an extraordinary meeting of the Council of Ministers of the African Petroleum Producers Organization (APPO).

The move has been lauded as a significant step for the continent’s energy sector, underscoring Nigeria’s pivotal role in Africa’s energy landscape.

Nigeria emerged as the preferred host nation amidst stiff competition from Ghana, Benin, Algeria, South Africa, and Cote D’Ivoire.

The selection highlights Nigeria’s robust energy sector and its strategic vision for the continent’s energy future.

The Minister of State Petroleum Resources (Oil),
Senator Heineken Lokpobiri, expressed his gratitude for the support extended by President Bola Tinubu in Nigeria’s bid to host the Bank.

He hailed the council members for their confidence in Nigeria’s capability.

Lokpobiri stated, “This decision reflects our collective ambition to create African solutions to African energy challenges.

“The African Energy Bank will be instrumental in providing the necessary financial backbone for energy projects that will drive growth and development across the continent.”

Minister Lokpobiri assured Nigerians and Africans that the establishment of the African Energy Bank would mark a transformative era in meeting energy needs.

He added, “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.”

The Bank is expected to facilitate access to funding for energy projects, thereby catalyzing economic growth and enhancing energy security.

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

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

He reiterated his gratitude to President Tinubu for his unwavering support and to the Council of Ministers for their trust in Nigeria’s ability to lead this pivotal initiative.

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