1 week ago
24
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has met with President of African Export-Import Bank (Afreximbank), Dr. Benedict Oramah, in furtherance of ongoing engagements towards the commencement of operations by the Africa Energy Bank (AEB).
AEB, a collaborative effort between Afreximbank and African Petroleum Producers Organisation (APPO), is set to launch with an asset base of $5 billion, which is projected to grow to $120 billion in five years.
A statement by the minister’s spokesperson, Nneamaka Okafor, said the take-off of the bank will mark a significant milestone in Africa’s quest for energy security and sustainability. It described the bank as a landmark initiative poised to transform the continent’s energy landscape.
The statement added that Afreximbank, as a key partner, was transferring its full equity investment in the oil and gas sector, underscoring its commitment to driving energy infrastructure development across the continent.
During the meeting with Oramah, Lokpobiri reiterated Nigeria’s strong support for AEB and its pivotal role in unlocking Africa’s energy potential.
“Nigeria, as a leading oil and gas producer, is well positioned to leverage this transformative initiative,” the minister stated.
“We encourage industry players to seize this opportunity to invest in Africa’s energy future,” he added.
After their discussion, Lokpobiri and Oramah proceeded to the AEB headquarters for an inspection tour to assess the level of readiness ahead of the commencement of operations, the statement said.
“The visit provided first-hand insights into the bank’s operational preparedness and strategic alignment with Africa’s broader energy development goals,” it stressed.
Speaking on the significance of AEB, Oramah emphasised the bank’s role in bridging Africa’s energy financing gap, saying, “The establishment of the Africa Energy Bank is a game-changer for the continent.”
The Afreximbank president commended Nigeria for taking the bull by the horns in hosting the headquarters of the bank. He expressed confidence in Nigeria’s oil and gas portfolio, saying the bank will not only benefit the energy sector in Africa, but will also guarantee immediate benefits for Nigeria.
Lokpobiri reaffirmed Nigeria’s readiness to collaborate towards the success of the continental bank, describing it as a bold step.
He stated, “This bank represents a bold step in ensuring that Africa controls and finances its energy future. It is an avenue for stakeholders to invest in a self-sustaining energy sector that will drive industrialisation, job creation, and economic prosperity.”
The statement said as Africa prepared for the operational launch of AEB, the Nigerian government called on industry stakeholders to engage proactively and explore the vast opportunities the initiative presented.
“The successful take-off of the AEB will mark a new era in Africa’s energy development, positioning the continent as a global force in the sector,” it explained.
Lokpobiri also met with top officials of TotalEnergies to discuss ways to accelerate the oil giant’s projects in the country.
At the event, the minister explained that with an industry built over the years and anchored on “one of the best legal frameworks across the world”, the Petroleum Industry Act (PIA), Nigeria will continue to offer a leadership role in the African energy landscape for the benefit of Nigerians, Africa, and the world.
The minister hosted Senior Vice President, Africa, TotalEnergies, Mr. Mike Sangster, and other members of his team, including Managing Director and Country Chair, TotalEnergies Upstream Companies in Nigeria, Mr. Matthieu Bouyer, and Executive Director, Strategy, Business, and Asset Management, Mr. Abiodun Afolabi.
Lokpobiri said the parties “talked about all the projects that TotalEnergies is investing in Nigeria”.
He added, “I reiterated the federal government’s readiness, under President Bola Ahmed Tinubu, to support all players in a bid to continue to increase production.
“By strengthening collaboration with key stakeholders, such as TotalEnergies, we remain focused on unlocking the full potential of our energy sector to drive sustainable economic growth and national prosperity.”
Emmanuel Addeh
Follow us on:
English (US) ·