Nigeria
has
been
selected
to
host
the
headquarters
of
the
newly
established
US$5
billion
African
Energy
Bank
(AEB).
This
decision
came
after
a
thorough
technical
inspection
by
the
African
Petroleum
Producers
Organisation
(APPO)
and
Afrexim
Bank,
who
jointly
promote
the
AEB.
Their
assessment
confirmed
Nigeria’s
readiness
to
host
the
bank.
Heineken
Lokpobiri,
Minister
of
State
for
Petroleum
Resources
(Oil),
made
this
known
in
a
statement
obtained
by
Advisors
Reports
on
Thursday.
The
Minister
expressed
his
excitement
about
this
accomplishment,
highlighting
that
it
reflects
Nigeria’s
leadership
and
dedication
to
the
energy
sector.
Lokpobiri
emphasized
that
the
AEB
will
provide
essential
financial
support
for
energy
projects,
fostering
growth
and
development
across
Africa.
Ambassador
Nicholas
Ella
earlier
on
Wednesday
at
the
closing
ceremony
of
the
just
concluded
NOG
Energy
Week
held
in
Abuja
affirmed
that
Nigeria
will
be
declared
the
host
of
the
AEB
within
the
week.
The
Permanent
Secretary
in
a
recent
report
published
by
Advisors
Reports
also
emphasised
that
the
Nigerian
Government
has
identified
a
prestigious
building
in
Abuja
for
the
temporary
headquarters
and
opened
a
secured
data
room
for
the
technical
team’s
review.
He
further
said,
“The
application
form
for
land
for
the
permanent
headquarters
in
the
Central
Business
District
of
Abuja
has
been
submitted
for
approval.
In
May
2024,
President
Bola
Ahmed
Tinubu
approved
a
$100
million
investment
from
four
key
agencies
under
the
Ministry
of
Petroleum
Resources,
surpassing
the
minimum
equity
requirement
of
$83.33
million
for
class
A
shares
in
the
Supranational
Multilateral
$5
Billion
Africa
Energy
Bank.
Advisors
Reports
gathered
that
Nigeria
emerged
as
the
chosen
host
nation
over
strong
contenders
such
as
Ghana,
Benin,
Algeria,
South
Africa,
and
Cote
d’Ivoire.
This
strategic
victory
is
poised
to
significantly
influence
Nigeria’s
oil
and
gas
industry,
as
the
AEB
headquarters
will
mark
the
largest
foreign
direct
investment
in
the
country
in
over
two
decades.
The
establishment
of
the
AEB
in
Nigeria
is
expected
to
greatly
enhance
the
nation’s
GDP,
create
jobs,
improve
the
financial
sector,
and
promote
economic
diversification.
Additionally,
it
will
aid
in
managing
foreign
exchange
strategies.