Abuja, Nigeria – Nigeria has won the rights to host the African Energy Bank after a highly competitive bidding process involving six countries, including Angola and Ghana. The headquarters of the $5 billion bank will be established in Abuja.
The African Energy Bank, the first of its kind on the continent, is set to support oil and gas production in African nations amid declining funding from the US and Europe for major projects.
Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources, announced the news in a statement on Thursday. He described the achievement as a prestigious honor, highlighting it as a testament to Nigeria’s leadership and commitment in the energy sector.
According to Senator Lokpobiri, the African Energy Bank will serve as a cornerstone institution for financing and advancing energy projects throughout Africa, fostering innovation, sustainability, and economic growth.
