Lokpobiri Reiterates Nigeria's Strong Support For Afreximbank

 

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, Ph.D., has  reiterated Nigeria’s strong support for African Export-Import Bank and its pivotal role in unlocking Africa’s energy potential.

Speaking on Thursday in Abuja when he received the President of the African Export-Import Bank (Afreximbank), Dr. Benedict Okechukwu Oramah CON, in Abuja, Lokpobiri  commended Afreximbank and APPO for their commitment to this historic project.

The visit was in furtherance of ongoing engagements towards the commencement of operations by the Africa Energy Bank (AEB), a landmark initiative set to transform the continent’s energy landscape.

The Africa Energy Bank, a collaborative effort between Afreximbank and the African Petroleum Producers Organization (APPO), is poised to launch with an asset base of USD 5 billion, and projected to grow to USD 120 billion in five years time.

This he said  will mark a significant milestone in Africa’s quest for energy security and sustainability.

 Afreximbank, as a key partner, is transferring her full equity investment in the oil and gas sector, underscoring its commitment to driving energy infrastructure development across the continent.

A statement by Nneamaka Okafor

SA Media and Communication to the Minister, reaffirmed Nigeria’s readiness to collaborate towards its success.

The statement breads: “This bank represents a bold step in ensuring that Africa controls and finances its energy future. 

"It is an avenue for stakeholders to invest in a self-sustaining energy sector that will drive industrialization, job creation and economic prosperity."

 “Nigeria, as a leading oil and gas producer, is well-positioned to leverage this transformative initiative. We encourage industry players to seize this opportunity to invest in Africa’s energy future."

Speaking on the significance of the AEB, Dr. Oramah emphasized its role in bridging Africa’s energy financing gap.

The Afreximbank President, commended Nigeria for taking the bull by the horn in hosting the headquarters of Africa Energy Bank and expressed confidence in Nigeria's oil and gas portfolio as the bank will not only benefit the energy sector in Africa but will guarantee immediate benefit for Nigeria. 

He stated: “The establishment of the Africa Energy Bank is a game-changer for the continent. With an initial asset base of USD 5 billion, we are creating a financial institution that will empower African nations to harness their vast energy resources for economic growth and industrialization.

"As Africa prepares for the operational launch of the AEB, the Nigerian Government calls on industry stakeholders to engage proactively and explore the vast opportunities this initiative presents. 

"The successful takeoff of the AEB will mark a new era in Africa’s energy development, positioning the continent as a global force in the sector.

Lokpobiri and Dr. Oramah  latter proceeded to the AEB Headquarters for an inspection tour to assess the level of readiness ahead of the commencement of operations. 

The visit provided firsthand insights into the bank’s operational preparedness and strategic alignment with Africa’s broader energy development goals.