The Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, has urged stakeholders in the oil and gas industry to harness the opportunities the $5bn African Energy Bank (AEB) will unlock......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
Lokpobiri made the call on Thursday after the assessment of the facility alongside the President of Afreximbank, Benedict Oramah.
The African Energy Bank (AEB) is an energy funding dedicated bank powered by Afreximbank and African Petroleum Producers Organisation (APPO) with a $5bn asset.
It is projected that when launched, the assets will grow to $120bn over the next five years.
The minister said the AEB is a critical investment to secure Africa’s energy future.
Lokpobiri said, “Nigeria as a leading oil and gas producer is well positioned to leverage this transformative initiative.
“We encourage industry players to seize the opportunity to invest in Africa’s energy future.
“This presents 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.”
The minister said the successful takeoff of the bank will mark a new era in Africa’s energy development.
According to him, the energy bank will position the continent as a global energy force.
THE WHISTLER reported that the Nigerian Upstream Petroleum Regulatory Commission (NUORC) donated building to house the AEB.
“In line with boosting Nigeria’s aspiration of becoming the energy hub of the continent. The Commission, through the National Data Repository (NDR), has provided a building to host the Africa Energy Bank (AEB) Headquarters in Abuja, Nigeria.
“This gesture will fast-track the operationalisation of the bank, which will dovetail into job creation and Oil & Gas business financial support,” the Commission Chief Executive, Engr. Gbenga Komolafe announced.