admin The Africa Energy Bank (AEB) to be hosted in Nigeria is expected to take off officially by the first quarter of this year.
The Minister of State for Petroleum Resources (Oil), Senator Heinieken Lokpobiri made this known while giving a keynote address at the nineth edition of the Sub-Saharan Africa International Petroleum Exhibition and Conference held at the Eko Convention Center, Eko Hotels, Lagos.
Senator Lokpobiri explained that the Africa Energy Bank will be the master key to tackling funding, which had been a major drawback to Africa’s developmental strides, adding the time has come for Africa to stop relying on unfulfilled promises made by some developed countries over the years.
Expected to kickstart with 5 billion dollars as the initial capital base, it is expected to hit 120 billion dollars within the next 4–5 years of growth capacity. In his words, “We are proud the energy bank is taking off from the 1st quarter of this year. Africa needs substantial resources to develop.Africa has a choice to continue with it’s poverty problem or change the narrative that will lead to sure economic development as well as drive technological advancement.
The minister of state for oil noted that the Africa Energy Bank represents a shift towards financial autonomy, which allows movement from dependability on foreign capital and external policies that do not align with Africa’s development priorities. He is of the view that the Africa Energy Bank has the power to unlock billions of dollars in funding, accelerate infrastructure development, and secure Africa’s energy future.
Senator Lokpobiri said for the bank to succeed, there is a need for broad support, with each African nation playing a role in strengthening the institution and ensuring it serves as a catalyst for economic transformation of all African nations.
Speaking on the SAIPEC conference theme “Building Africa’s Future: Advancing local content and sustainable development in the oil and gas industry,the Minister of State for Petroleum Resources for (Oil) expressed his optimism that Nigeria has entered an era of self-reliance where indigenous companies drive progress, an era of bold investments where Africa finances it’s own energy projects, as well as an era of sustainability where economic growth and environmental responsibility go hand in hand.
By Tunde Olaore.
