African intergovernmental organization the African Petroleum Producers’ Organization (APPO) has selected Abuja, Nigeria to host the headquarters of the newly established Africa Energy Bank (AEB). 

Jointly established by APPO and multilateral development finance institution the African Export-Import Bank (Afreximbank), the AEB aims to address the funding challenges faced by Africa’s oil and gas industry amid the global energy transition. 

As a supranational institution, it will provide funds for African energy projects, including emerging oil and gas projects across the continent. 

A strong advocate for development of oil and gas in Africa, the African Energy Chamber (AEC) – serving as the voice of the African energy sector – congratulates Nigeria on this significant achievement, expressing its full support for the decision. 

This move will not only strengthen Nigeria’s role in the African energy landscape but will streamline funding for African projects, placing the continent on track for widespread industrialization and economic growth. 

Nigeria’s selection followed a meticulous review process, with the decision made during the 45th Extraordinary Session of the APPO Ministerial Council – held virtually on July 4, 2024 and chaired by the Minister of Hydrocarbons of the Republic of the Congo Bruno Jean Richard Itoua. 

Following a review by the AEB Headquarters Ministerial Selection Committee, the committee evaluated criteria including socio-economic factors, safety, security and accessibility. 

The thorough selection process underscores the careful consideration given to Nigeria’s capabilities and strategic importance. 

Committed to supporting the AEB, Nigeria’s Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri assured the Council that Nigeria will provide the necessary facilities for the bank’s timely and effective establishment. Nigeria has been a long-standing producer and innovator of oil and gas projects on the continent.