The long-planned Africa Energy Bank will begin operations this quarter with $5 billion in equity from member nations and shareholders, Nigerian Minister of State for Petroleum Resources Heineken Lokpobiri said.
A joint venture between Afreximbank and the African Petroleum Producers Organisation (APPO),
The bank will fund oil and gas projects while supporting Africa’s energy transition in a joint venture between Afreximbank and the African Petroleum Producers Organisaiton (APPO).
Shareholders project it will reach $120 billion in assets within five years.
The bank was originally scheduled to launch in mid-2024 but faced delays.
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Lokpobiri confirmed that preparations are nearly complete, and operations will begin by the end of this quarter.
The Africa Energy Bank will provide financing for oil and gas projects, positioning itself as a key player in the continent’s energy transition.
Nigeria secured the right to host the bank, beating three rival African nations. The country is also pushing to boost oil production to 2.5 million barrels per day, up from the current 1.7 million bpd.
Afreximbank and APPO’s involvement signals a commitment to African-led energy financing, particularly as global funding for fossil fuel projects declines.
The bank’s success will depend on securing long-term capital and navigating shifts in the global energy landscape.
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