The Nigerian Minister of State, Petroleum Resources, (Gas), Senator Lokpobiri has said that with the commencement of Africa Energy Bank in the first Quarter of this year, the bank may grow its capital base to $120 billion in five years from $5 billion
Lokpobiri, who was speaking in Lagos at this year’s SAIPEC international conference and exhibition, said to achieve that there must be sustainable investment among member countries.
“This bank is expected to formally take off in the first quarter of this year. For us in Africa to fully take advantage of this bank, we must have common solutions to energy problems in Africa. Let’s solve energy poverty before we begin talking of energy transition”
According to the Minister, the bank has the potential to revolutionize energy financing across the continent by providing funding tailored to Africa’s unique energy needs.
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The conference is with the theme: Building Africa’s Future: Advancing Local Content and Sustainable Development in the Oil and Gas Industry
Lokpobiri said: “This is not just for oil-producing nations; it is for all of Africa.The African Energy Bank represents a shift toward financial autonomy. It allows us to move away from dependency on foreign capital and external policies that do not align with Africa’s development priorities. This bank has the power to unlock billions in funding, accelerate infrastructure development, and secure Africa’s energy future. This is how we take control of our destiny”.
He noted that for the African Energy Bank to succeed, it requires broad support. Every African nation must play a role in strengthening this institution, ensuring it serves as a catalyst for economic transformation.
“Nigeria has taken the lead in hosting this bank, but its success will depend on the collective commitment of all African nations, private investors, and regional financial institutions. Let us create frameworks that encourage African nations to work together, rather than compete against one another.
Invest in Human Capital: The energy industry of tomorrow requires a skilled, innovative workforce that is ready to seize global opportunities”
