Nigeria wins right to host $5bn SupraNational Africa Energy Bank

Nigeria wins right to host $5bn SupraNational Africa Energy Bank

After a keenly contested bid rounds, Nigeria has won the right to host the SupraNational Multilateral $5 Billion Africa Energy Bank, which will finance Africa’s hydrocarbon deposits of oil, gas and condensates and support energy transition and net zero 2060 commitments.

The Minister of State for Petroleum (Oil), Heineken Lokpobiri, disclosed this at a special briefing in his office in Abuja, on Thursday.

Lokpobiri said: ” The Council of Ministers of African Petroleum Producing Organisation (APPO) has just approved Nigeria to host the headquarters of the Africa Energy Bank.

“The biggest challenge we have in Africa as oil producing countries is funding, so a short while ago, the council held a meeting and said the solution is the Energy Bank.”

He thanked the members of APPO for the trust reposted on Nigeria while assuring that Nigeria would be a worthy host.

He said: ” This is one of the biggest achievements of this administration. Funding has been the biggest challenge of our sector is funding and once this is solved, all these smear campaigns of abandoning fossil fuel will be completely eroded.”

Nigeria won the bid ahead of Ghana, Benin, and Algeria.

Source link: Daily Trust/