The Federal Government has announced that the Africa Energy Bank (AEB) will start working on January 28, 2025.
This disclosure was shared by Ambassador Nicholas Ella, Permanent Secretary, Ministry of Petroleum Resources, during the 19th Executive Board meeting of the African Petroleum Producers Organization (APPO) in Yaounde, Cameroon.
Ambassador Ella said that Nigeria is committed to APPO’s goals and wants to quickly set up the energy bank to help with money issues in Africa’s oil and gas industry.
Nigeria, which won the hosting right for the AEB headquarters in July 2024, is now fixing up the building and has already paid $69.12 million towards its share of the costs.
Omar Farouk Ibrahim, the Secretary General of APPO, said that 50% of the money needed for the AEB to start is ready, with APPO and Afrexim being the main investors.
The AEB’s opening happens at the same time as APPO’s 38th anniversary and is expected to change Africa’s energy situation.
