At the recent 46th Ordinary Session of the Ministerial Council of the African Petroleum Producers Organization (APPO) in Yaounde, Cameroon, Nigeria has emphasized her commitment to strengthening funding for the energy sector and advancing energy infrastructure across the continent.

The Minister of State Petroleum (Oil) Senator Heneiken Lokpobiri disclosing the event’s highlights via his X handle, reaffirmed the country's dedication to ensuring energy security and sustainable development in Africa.

“I am proud to report that Nigeria has already demonstrated its commitment by contributing $69.1 million in equity funding to the AEB. This investment underscores our leadership role in promoting continental energy initiatives and highlights our determination to bridge critical financing gaps in Africa's oil and gas industry.

“The Federal Government under the leadership of President Bola Ahmed Tinubu has also signed and ratified the Establishment Agreement and Charter, a move APPO commends Nigeria for as a significant progress in the establishment of the AEB, “Sen. Lokpobiri stated

“With the Treaty now officially in force, we have laid a strong foundation for the Bank’s strategic goals. I urge all member countries to expedite their subscription and payment of their allocated shares to the AEB, as together we can achieve remarkable advancements in our energy sectors and solidify our position as a continental energy hub,” He concluded.

Nigeria on June 25, 2024 approved the hosting of the bank, while the rectification of the charter of the Headquarters Agreement is in the advanced stage and has set January 28, 2025, as the deadline for the operationalisation of the $5 billion African Energy Bank (AEB), which will be domiciled in Abuja.