Exciting developments are on the horizon with the anticipated launch of the Africa Energy Bank (AEB) set for the first quarter of 2025. Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources, has announced that this significant financial institution will be headquartered in Nigeria’s capital, Abuja.
With a deadline of January 28, 2025, for its operationalization and a target asset base of $120 billion, the AEB is poised to play a crucial role in funding oil and gas projects, while also supporting the continent’s energy transition initiatives.
During the recent 2025 Sub Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos, themed “Building Africa’s Future: Advancing Local Content and Sustainable Development in the Oil and Gas Industry,” Senator Lokpobiri shared the exciting news about the bank’s imminent opening.
He revealed that the building is ready, with only the finishing touches being applied.
The AEB, a collaboration between Afrexim Bank and the African Petroleum Producers Organization, is poised to focus on fossil fuel financing and is eagerly anticipated by many in the energy sector.
Within just a few months, this bank will officially begin its operations, marking a significant milestone for Africa’s energy future.