Africa Energy Bank $120bn Project to Begin in Q1, 2025 – FG

The Federal Government yesterday hinted that the Africa Energy Bank (AEB) to be headquartered in Nigeria would be unveiled in the first quarter of 2025.

The bank which targets an asset base of $120bn will fund oil and gas projects and support the continent’s energy transition programmes.

The Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri, disclosed this in Lagos at the opening of the 2025 Sub Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) with the theme: “Building Africa’s Future: Advancing Local Content and Sustainable Development in the Oil and Gas Industry”.

The fossil fuel-focused bank is a partnership between trade finance institution Afrexim Bank and the African Petroleum Producers Organization.

The Minister in his opening remarks said the building for the bank is ready, “and we are only putting finishing touches to it, by the end of this quarter, this bank will take off.”

The minister said that Nigeria will increase oil drilling and remove all impediments to achieve the 2.5 million barrels per day target this year.

According to reports, Nigeria’s current crude oil output averages 1.7 million bpd.

He stated that the AEB has the potential to revolutionize energy financing across the continent by providing funding tailored to Africa’s unique energy needs especially for oil-producing nations.

“This bank 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,” he added.