Nigeria has cleared all requirements to host the Africa Energy Bank, paving the way for the institution to begin operations by April, according to Heineken Lokpobiri, minister of state for petroleum resources. The announcement was made in Abuja during the handover of the bank’s headquarters to Afreximbank and APPO.
The Africa Energy Bank is designed to ease Africa’s growing oil and gas financing constraints as global lenders pull back from fossil fuel funding amid the energy transition. Lokpobiri said all delays, including issues around the headquarters, have been resolved, with Nigeria completing procurement, construction, and furnishing of the facility.
The launch has faced repeated timeline shifts, missing earlier start dates in January and subsequent quarters. Despite these delays, the government reaffirmed its commitment, describing the bank as strategically vital to sustaining oil and gas investment across the continent.
