Africa Energy Bank (AEB) will launch in Q1 2025 to fund oil, gas, and energy transition projects, with a $120B asset target and headquarters in Nigeria.A partnership between Afreximbank and the African Petroleum Producers Organization, AEB was initially set to start by mid-2024.Minister Heineken Lokpobiri confirmed the bank’s building is ready, with final touches underway.
He also announced plans to boost Nigeria’s oil production to 2.5M bpd from the current 1.7M bpd.At the 2025 SAIPEC conference, Minister Lokpobiri highlighted Africa’s move to tackle declining oil and gas funding by creating its own solutions.He said the Africa Energy Bank (AEB) will revolutionize energy financing, supporting oil-producing nations with tailored funding.AEB marks a shift toward financial independence, reducing reliance on foreign capital and policies misaligned with Africa’s priorities.
Minister Lokpobiri said the Africa Energy Bank (AEB) can unlock billions, boost infrastructure, and secure Africa’s energy future, calling it a step toward self-reliance.For AEB to succeed, he urged broad support from all African nations, private investors, and regional banks.Nigeria is hosting AEB, but its success depends on collective commitment.
He stressed the need for regional cooperation over competition to build Africa’s energy future.He stated that the future energy industry needs a skilled, innovative workforce to seize global opportunities, and Africa must lead as technology reshapes the world.
