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Izy OKU
2 weeks ago
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Nigeria dawdles on $5b Africa Energy Bank take - Off nine months after
The federal government on Thursday reaffirmed its commitment to the early commencement of operations of the $5 billion Africa Energy Bank (AEB), an initiative of members of the African Petroleum Producers’ Organisation (APPO).
In a post on his X handle, Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, noted that he headed the Nigerian delegation to a meeting where members reviewed their compliance with obligations under the organisation.
However, THISDAY reports that APPO members have now missed the Q1, 2025 deadline which it earlier set for the operationalisation of the bank headquartered in Nigeria, Africa’s biggest oil producer.
The Africa Energy Bank, which will fund oil and gas projects and support the continent’s energy transition goals, was expected to launch in the first quarter of 2025 and target an asset base of $120 billion, Lokpobiri said in February.
https://www.arise.tv/nigeria-reaffirms-commitment-to-5-billion-africa-energy-bank-despite-delayed-launch-in-q1-2025/
