Afreximbank to Fund African Energy Bank with $19bn – Minister
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said that the Afreximbank would invest $19 billion to fund the African Energy Bank.
Lokpobiri said the $19 billion would go a long way toward tackling and overcoming energy poverty, driving economic growth, and improving the lives of millions of people.
The minister disclosed this while speaking at the opening ceremony of the Nigerian Pavilion, hosted by the Petroleum Technology Association of Nigeria (PETAN), at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, U.S with the theme “Africa’s Energy Renaissance: Leveraging Innovation and Natural Gas for Sustainable Development.”
He said that by pooling resources, African countries can invest in large-scale energy projects.
However, the minister harped on the need for Africa to develop cohesive policies tailored to its unique circumstances, warning that fragmented approaches would be ineffective in addressing the escalating energy deficit.
“This conference is not a jamboree. It is a platform for Nigeria, and by extension, Africa — to showcase its vast potential,” Lokpobiri added.
He highlighted the importance of regional collaboration as well as the Africa Petroleum Producers Organisation (APPO) as a strategic entity established to devise shared solutions for the continent’s energy challenges.
The prevailing global discourse on energy transition, according to him, is largely influenced by geopolitical considerations.
In response to this challenge, he declared that APPO is in the process of establishing the African Energy Bank to bridge funding gaps and ultimately free the continent from energy poverty.
During a meeting with his Ghanaian counterpart, Lokpobiri urged Ghana to draw lessons from Nigeria’s past experiences in the energy sector, particularly in avoiding early missteps.
In his address, Ghana’s Minister of Energy and Green Transition, Mr John Abdullahi, acknowledged Nigeria’s leading role in the region, adding that while Ghana is a relatively new player in the oil and gas sector, it is eager to learn from Nigeria’s experiences and reforms, especially in the areas of local content development and climate policy.
“We will continue to consult Nigeria as we build a successful oil and gas industry. The collaboration between both countries remains strong,” Abdullahi said.
On his part, PETAN Chairman Wole Ogunsanya highlighted the significance of Nigeria’s presence at OTC, adding “This year’s event, under the Nigerian Pavilion, is set to highlight Africa’s growing role in the global energy sector.
“OTC 2025 promises to bring together top-tier industry leaders, policymakers, and stakeholders at the world’s largest energy event.”
