Source: Africa Publicity
The Africa Energy Bank, a groundbreaking initiative to fund oil and gas projects and support the continent’s energy transition goals, is poised to launch in the first quarter of 2025. Nigeria’s junior oil minister, Heineken Lokpobiri, announced that the bank aims to reach an impressive asset base of $120 billion.
The Africa Energy Bank is a collaborative effort between trade finance institution Afrexim Bank and the African Petroleum Producers Organization. Initially, the bank was expected to start operations by mid-2024, but it’s now set to launch in the first quarter of this year.
Lokpobiri confirmed that the bank’s building is ready, and they’re putting the finishing touches on it. “By the end of this quarter, this bank will take off,” he said. The minister also joked about Nigeria following former US President Donald Trump’s mantra on increasing oil drilling, aiming to grow oil production to 2.5 million barrels per day this year.
Nigeria, Africa’s top oil producer, won the hosting rights for the Africa Energy Bank after competing with Ghana, Algeria, South Africa, and Benin Republic. The bank will bridge financing gaps in the continent’s oil and gas industry, supporting Africa’s energy transition goals.
With an initial capitalization of $5 billion, the Africa Energy Bank is expected to increase its assets exponentially over the next three to five years. This ambitious project is set to transform the energy landscape in Africa, and its launch is eagerly anticipated.
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