Nigeria Bids To Host $5bn Africa Energy Bank Headquarters In Abuja

Nigeria is bidding to host the headquarters of the $5 billion Africa Energy Bank (AEB) in Abuja, leveraging its position as a leading oil and gas producer to attract the financial institution.

Gatekeepers News reports that Minister of Petroleum Resources (Oil), Heineken Lokpobiri, led the campaign to host the headquarters in Abuja, appealing to member countries of the African Petroleum Producers Organization (APPO) to vote for Nigeria.

“Whether you are producing 1,000 barrels a day or 1.5 million barrels a day, you have only one vote. This is why all APPO members are very important,” Lokpobiri told stakeholders in Abuja on Monday.

He emphasised the importance of each member country’s vote, regardless of their oil production capacity.

Nicholas Agbo, the permanent secretary of the Ministry of Petroleum Resources, highlighted Nigeria’s abundant energy resources and its strategic approach to drive innovation and attract significant investments.

“By situating the Africa Energy Bank in Abuja, Nigeria seeks to leverage its energy wealth to catalyze innovation, investment and economy diversification across the continent,” Agbo noted.

He emphasised the importance of diversification across the energy value chain, which will enhance energy security, reduce dependence on a single energy source, and build a more sustainable and resilient energy industry. “This initiative will help ensure energy security and resilience for generations to come,” Agbo added.