The $5 billion headquarters of the African Energy Bank will begin operations in Nigeria soon, following the completion of the structure.
The energy financer for the continent, backed by the African Petroleum Producers Organisation (APPO) and the African Import-Export Bank (Afreximbank), will finance oil, gas, and clean energy projects across Africa.
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri confirmed Nigeria has met all obligations as the host country, and that a formal handover is expected soon to see operations commence.
Mr Lokpobiri, during a recent inspection, stressed that Nigeria had fulfilled all commitments required of it as the host country.
“The headquarters is ready, tastefully furnished in the best location, and so we’re ready for the bank’s takeoff.”
He added that the establishment of the bank comes at a critical moment for Africa, as global lenders impose tighter restrictions on fossil fuel investment.
The AEB is designed to fill that gap by supporting upstream exploration, refinery modernisation, natural gas infrastructure, power generation, and cleaner energy technologies using Africa-led financing rather than relying on institutions whose priorities have shifted away from hydrocarbons.
During the inspection, Mr Lokpobiri was joined by the APPO Secretary-General, Mr Omar Farouk Ibrahim, and the Afreximbank Executive Vice President, Mr Haytham El Maayergi.
The minister said their presence underscores the importance of final preparations ahead of the bank’s formal commissioning.
Mr Lokpobiri also clarified that the handover of the building will take place soon, noting that the final administrative steps are underway.
“These are details that will be worked out any day they are ready to come,” he said.
He noted that Nigeria plans to invite APPO ministers to inspect the headquarters, adding, “This is what we promised. We fulfilled it. The building is ready. And then we’ll hand it over.”
He emphasised that Nigeria’s swift fulfilment of its obligations signals a strong commitment to regional energy cooperation.
“The important point is that we have met our obligation. As the host country, we provided everything expected of us. So, this is an indication that the bank is well on its way,” he said.