FG Seeks Support for Establishment of Energy Bank in Nigeria
Sen. Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), has called for support to establish an African Energy Bank (AEB), in Nigeria.
Lokpobiri, thus, urged Heads of Mission, Africa Petroleum Producers Organisation (APPO), during a reception in Abuja, to support Nigeria in the bid to establish AEB in the capital city.
He said that Nigeria offers a strategic geographical location, robust infrastructure and a dynamic energy sector, which made it suitable for the project.
He explained that the establishment of the bank would represent a bold and strategic move toward ensuring energy security, fostering economic growth and promoting sustainable development across Africa.
According to him, Nigeria’s bid to host the headquarters of this pivotal institution is a testament to its unwavering commitment to the goals. He added that the nation was committed to fostering a collaborative environment that would enable AEB to thrive and achieve its mandate effectively.
“We have achieved significant milestones, including a comprehensive assessment by the APPO Afrexim-Bank Inspection Team. Its positive evaluation underscores Nigeria’s readiness and capability to host the AEB.
“However, the journey does not end here, to secure the hosting rights, we need the collective support of all APPO member countries.
“Our competitors have intensified their efforts by appointing special envoys to lobby for their bids. In response, we are appealing to each of you to recognise the advantages of situating the AEB headquarters in Nigeria.
“Let us use this opportunity to engage, collaborate, and forge stronger ties. Together, we can ensure that the AEB finds its rightful home in Nigeria, where it can spearhead the next phase of Africa’s energy renaissance,” he said.
Lokpobiri also called on the Ministry of Foreign Affairs to campaign vigorously through its missions in APPO member countries, adding that their support was crucial to the success.
Amb. Nicholas Ella, Permanent Secretary, Ministry of Petroleum Resources, said that hosting the AEB would boost collaboration and provide a neutral and inclusive platform for African countries to come together and exchange ideas.
Ella said that it would also provide an opportunity for member countries to chart a collective path toward energy security and sustainable development.
He said that Nigeria’s bid to host the bank’s headquarters was grounded in a deep-seated conviction that Abuja stood as the quintessential epi-center of energy innovation and cooperation on the continent.
According to him, Nigeria’s strategic location at the crossroads of West Africa renders Abuja as an unrivalled nexus of connectivity and accessibility with its extensive network of transportation, infrastructure and logistical capabilities.
“Abuja offers a strategic gateway to the entire African continent, providing the bank with unparalleled access to key energy markets, stakeholders and decision-makers across Africa.
“By selecting Abuja as its host city, the AEB can serve as a linchpin of connectivity, fostering collaboration and catalysing progress on a continental scale.
“Nigeria’s rich endowment of oil, gas and renewable energy resources present an unparalleled opportunity for the bank to harness the continent’s vast energy potential and drive sustainable development.
“With proven reserves of over 37 billion barrels of oil and five trillion cubic meters of natural gas, Nigeria ranks among the top energy producers in Africa.
“Nigeria’s burgeoning renewable energy sector, characterised by abundant solar and wind resources, holds immense promise for powering Africa’s future,” he said.
He added that Nigeria’s distinguished legacy of leadership within APPO underscored its unwavering commitment to fostering unity, stability and prosperity within the African energy sector.
The permanent secretary also said that Nigeria’s proactive approach to regulatory reform had positioned the country as a paragon of stability and transparency within the global energy landscape.
He added that with a robust regulatory framework in place, Nigeria offers a conducive environment for the AEB to thrive, attract investment, foster innovation and ensure accountability across all facets of energy governance.
Amb. Ibrahim Lamuwa, the Permanent Secretary, Ministry of Foreign Affairs, said that the establishment of the AEB by APPO members held the power to shape the trajectory of energy cooperation and development.
Lamuwa, whose keynote address was delivered by Amb. Ben Okoye, expressed gratitude for unwavering dedication of APPO members to the cause and their steadfast commitment to fostering collaboration and partnership among African nations. AfDB Unveils Programme to Manage Debt Crises in Africa
