New bank to open by September in Nigeria

Heineken Lokpobiri, the minister of petroleum (oil) has assured that efforts were ongoing to ensure that the $5 billion African Energy Bank commences operation by September 2024.

Nigeria had recently emerged the host for the bank which is aimed to facilitate access to funding for energy projects in the continent, thereby catalysing economic growth and enhancing energy security, beating Ghana, Benin, Algeria, South Africa, and Cote D’Ivoire in the race.

Heineken Lokpobiri, the minister of State for Petroleum Resources (Oil), who hosted Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organisation (APPO), in Abuja on wednesday stated that Nigeria was set to meet the requirements of establishing the bank.

He said, “We want to very emphatically state that Nigeria is committed to meeting our obligations as a host country. We are working day and night to ensure that we meet the September ending deadline. We believe that we will be able to meet the deadline. Even if we do not meet the deadline, the whole of Africa will see that everything is almost in place and the bank can actually start off.

“The issues raised, which are the host country agreement, the headquarters building, and then the balance of the subscription, these three issues are issues that we are working very seriously to fulfil before the end of September so that the bank can actually start off.”

In his remarks, Umar Ibrahim, APPO Secretary General, appealed to the Nigerian government to act in conformity to the promises made that informed the decision to give Nigeria the hosting right. He reiterated that Nigeria won fair and square adding that the country cannot afford to fail those who voted for it.

“Everybody is looking up to Nigeria, ministers of other countries are asking me, when are you moving, when are we starting.

“There are issues, one is the host country agreement, the second is the headquarters preparing it and the third really is to make up the difference between what Nigeria pledged and what Nigeria has paid so far,” he added.