The much-anticipated Africa Energy Bank will finally start operations in March 2025, according to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
Speaking at the Sub-Saharan Africa International Petroleum Conference in Abuja, Lokpobiri confirmed that the bank’s headquarters in Abuja is almost ready, with final touches being made to the building.
“This bank is the solution to Africa’s energy poverty, and we are ready to go,” he stated confidently.
$5 Billion to Kickstart Africa’s Energy Bank
The Africa Energy Bank is launching with an initial $5 billion investment, contributed by member countries and Afrexim Bank. As part of the agreement, Afrexim Bank will transfer its oil and gas portfolio to the new bank, providing a strong financial base for energy investments.
Lokpobiri projected that within the next four to five years, the bank’s funds could grow to $120 billion, making it a major financial force in Africa’s energy sector.
“We want real, sustainable investments, not just empty promises,” he said.
A New Era for Energy Investments in Africa
The minister urged African investors, especially in the oil and gas sector, to stop looking abroad for funding and instead take advantage of the new bank.
“If we truly want to solve Africa’s energy poverty, we must invest in ourselves. We cannot industrialise without energy, and without industrialisation, Africa will never grow,” he stated.
At least 600 million Africans still lack access to electricity, and Lokpobiri emphasised that solving this challenge requires bold investments in oil and gas.
‘Drill, Baby, Drill!’ – Lokpobiri Pushes for More Oil Exploration
Lokpobiri dismissed the global push for energy transition as geopolitical talk and urged African nations to focus on their own energy needs first.
“This energy transition grammar is just politics. For those in the oil and gas business, ignore the noise. Let’s drill, baby, drill! We need to fix our own problems before worrying about global agendas.”
He called on African leaders to pool their resources and invest in the continent’s energy sector, ensuring that Africans can access energy at affordable rates.
“The time for waiting is over. If we want a better future, we must act now.”
Final Countdown to Launch
With the Africa Energy Bank set to launch in March, all eyes are on Abuja as the continent prepares for a major shift in energy financing. The hope is that this initiative will reduce Africa’s reliance on foreign lenders and empower local investors to drive the region’s energy growth.
For many Nigerians and Africans, the bank represents a chance for real energy security, lower fuel prices, and a brighter economic future.