Africa Energy Bank: FG Committed To Meeting September Deadline -Lokpobiri
By Sunday Etuka, Abuja
The Minister of State Petroleum Resources, Sen. Heineken Lokpobiri has reaffirmed the Federal Government’s commitment to meeting the September 2024 deadline for the commencement of the Africa Energy Bank (AEB).
Sen. Lokpobiri gave the assurance when he received the Secretary-General of the African Petroleum Producers’ Organisation (APPO), Dr. Omar Ibrahim on Wednesday in his office in Abuja.
He said, “We are working very seriously to fulfill all the things we have signed up to do before the end of September, so that the bank can actually start off.
“We want to emphatically state that Nigeria is committed to meeting her obligations as a host country. We are working day and night to ensure that we meet the September deadline,” the Minister said.
He applauded the APPO boss for his immense contribution to the organisation, adding that since his assumption as the Secretary General, APPO had been rebranded and grown exponentially to its current level.
“And we as Nigerians are very proud of you, not just as our ambassador, but as an ambassador of Africa.
“Anytime you speak, the rest of the world listens because of your depth of knowledge and the way you have been rated globally as far as the energy community is concerned,” he said.
Lokpobiri urged him to join in building the bank to a strong level before his exit as the Secretary-General of APPO.
Earlier, the Secretary-General, Dr. Farouk Ibrahim congratulated the country, especially the Ministry for winning the AEB hosting right, amd efforts being made towards the establishment of the bank.
Dr. Ibrahim, however, said, “There are issues: One is the host country agreement, second is the headquarters preparing it and the third is to make up the difference between what Nigeria pledged and what Nigeria has paid so far.
“Everybody is looking up to Nigeria. Ministers of other countries are asking me, when are you moving? When are we starting,” he said.
He, therefore , appealed to the Federal Government to fulfill the promise made to APPO which informed the decision to give Nigeria the hosting right.
Jointly established by APPO and multilateral development finance institution the African Export-Import Bank (Afreximbank), the $5billion AEB aims to address the funding challenges faced by Africa’s oil and gas industry amid the global energy transition.
As a supranational institution, it will provide funds for African energy projects, including emerging oil and gas projects across the continent.
Nigeria, on July 4, was granted the hosting right for the Africa Energy Bank after beating Ghana, Benin Republic, Algeria, South Africa and Cote D’Ivoire in a keenly contested bidding.
