Nigeria won the hosting right for the establishment of the Africa Energy Bank (AEB) Headquarters in July 2024, after it competed with Ghana, Algeria, South Africa, and Benin Republic.

The Africa Energy Bank (AEB) is set to launch in the first quarter of 2025, with an initial equity investment of $5 billion from member nations and shareholders.

Following the January 28 operationalization deadline, Nigerian Minister of State for Petroleum Resources Heineken Lokpobiri confirmed at a conference today that the bank will begin operations in the country’s capital Abuja.

“The building is ready, and we are only putting finishing touches to it, by the end of this quarter, this bank will take off,” Lokpobiri reportedly said.

The bank, a joint initiative between African Export-Import Bank (AfreximBank) and the African Petroleum Producers Organization (APPO), aims to support Africa’s energy transition goals and fund oil and gas projects across the continent.

According to Lokpobiri, the AEB is expected to reach an asset base of $120 billion within the next five years.