The Federal Republic of Nigeria is bidding to host the headquarters of the $5 billion Africa Energy bank in Abuja, as it aligns with the country’s strategic position as a leading Energy producer.
The call for support was made in Abuja by heads of the Ministry of Petroleum Resources to a gathering of African Petroleum Producers Organizations member countries.
Nigeria is Africa’s leading oil producer and ranks the 9th largest oil exporter globally.
Nigeria had in the past conceded the headquarters hosting rights to the Republic of Congo for the Africa Petroleum Producers Organization (APPO) while the Republic of Benin serves as the headquarters for the African Energy Investment Corporation (AIECORP).
This time Nigeria is seeking support from APPO Members to host the Africa Energy Bank as its robust energy sector provides a solid foundation for the initiative, offering a conducive environment for addressing its financial needs.
Calling for support from the member Minister of State for Petroleum Resources oil Heineken Lokpobiri reminds guests at this gathering of Nigeria, achievement and capacity hence the reason she should be granted the hosting rights
The country holds the largest gas reserves boasting proven reserves of 200 trillion cubic feet and has a production capacity standing at 8.5billion cubic feet per day.
The bank’s share capital is expected to be $5 billion to be subscribed over 3 years with an initial capital of $1.5 billion reserved for APPO member countries.
Afrexim Bank has been supporting APPO to establish the Bank and has approved an investment of $1.75 billion for Africa Energy Bank.
AEB’s target shareholders shall be African governments, national oil companies, sovereign wealth funds, private sector institutional investors and international partners like the Middle East, Asia and OPEC
The AEB will focus its financing on oil, gas and other energy projects in the upstream, midstream and downstream sectors.
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