FG Pledges Extra Funding to Launch Africa Energy Bank

The Federal Government has committed additional funding to ensure the Africa Energy Bank takes off, following delays by some African countries in meeting capital subscriptions.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated that Nigeria, which has contributed 70% of the bank’s capital, is prepared to cover remaining gaps if other countries fail to meet obligations.

The $5 billion multilateral bank, approved by President Bola Tinubu in 2024, will finance energy projects across Africa. Lokpobiri emphasized that access to capital is critical for the continent’s energy development and that Nigeria is ready to take proactive steps to ensure the bank starts operations.

He added that investors from the Middle East and other regions have expressed interest in funding once the bank is operational.