Nigeria has won the bid to host the headquarters of the African Energy Bank (AEB), a global multilateral institution dedicated to financing Africa’s hydrocarbon resources and supporting the continent’s energy transition and net-zero commitments. This development is poised to transform Nigeria’s oil and gas sector and position the country as a pivotal player in Africa’s energy landscape.

The announcement was made by Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), during a press briefing in Abuja on Thursday. The briefing followed a meeting of the Council of Ministers of the African Petroleum Producers’ Organization and Afrexim Bank, the joint promoters of the bank.

Hosting the $5 billion African Energy Bank in Nigeria is expected to bring significant benefits, including boosting Nigeria’s Gross Domestic Product (GDP), creating employment opportunities, and strengthening the country’s financial infrastructure and inclusion. The establishment of the AEB headquarters will also enhance Nigeria’s role in the regional energy sector, fostering greater collaboration and investment in Africa’s energy resources.