The Nigerian government has confirmed its commitment to meeting the September deadline for launching the African Energy Bank (AEB). The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, reassured this during a meeting with Dr Umar Ibrahim, Secretary-General of the African Petroleum Producers Organization (APPO) in Abuja.
Nigeria secured the hosting right for the Africa Energy Bank on July 4, beating Ghana, Benin Republic, Algeria, South Africa, and Cote d’Ivoire in bidding. The APPO Secretary-General urged African oil-producing member countries to contribute their subscription fees totalling 83 million dollars, for the bank’s inauguration in September 2024. Lokpobiri said it was working assiduously to resolve the issues related to the host country agreement, the headquarters building, and the subscription balance.
“We are working very seriously to fulfill all the things we have signed up to do before the end of September so that the bank can actually start off. We want to emphatically state that Nigeria is committed to meeting its obligations as a host country. We are working day and night to ensure that we meet the September deadline,” he said.
He said the ministry’s Permanent Secretary, Amb. Nicholas Ella and he had been meeting practically daily, while the permanent secretary had spearheaded the technical team to ensure everything was done within the time frame.
He commended Ibrahim for his excellent job at APPO and added that APPO had been rebranded and grown exponentially to its current level since his assumption as the secretary-general.
“We Nigerians are very proud of you, not just as our ambassador but also as an ambassador of Africa.
“Anytime you speak, the rest of the world listens because of your depth of knowledge and the way you have been rated globally as far as the energy community is concerned,” he said.
The minister urged him to help strengthen the bank before leaving his role as secretary general. He mentioned that Nigeria had won fairly, although the criteria had been clearly outlined. The Secretary-General, visiting Nigeria for the first time since the country won the right to host the AEB, praised the ministry’s efforts in establishing the Bank, an initiative of the APPO and Afreximbank.
He outlined three main issues, including the host country agreement, preparations for the headquarters, and the need to bridge the gap between Nigeria’s pledge and the actual payments made. He indicated that all eyes were on Nigeria, with ministers from other countries inquiring about the progress.
He urged the Federal Government to honour its promise to APPO, which was a key factor in Nigeria being granted the hosting right. He expressed his pride and happiness as a Nigerian and commended the team in APPO, stating that they had earned the respect of their colleagues and he hoped it would con
