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Business and Economy

African Energy Bank Secures $19bn Amid Delayed Launch Setback

By Sharon Zachariah
Editor Sharon Zachariah
Posted: May 18, 2025 at 9:40 pm, Updated: May 18, 2025 at 9:40 pm

African Energy Bank Secures $19bn Amid Delayed Launch Setback

African Energy Bank is taking shape in Nigeria, with over $19 billion already pledged by African nations and private investors. Yet, despite the big promises and bright vision, its official unveiling has hit another delay.

The bank, which is set to become a major financial lifeline for energy projects across Africa, was supposed to begin operations months ago. But even though preparations appear to be in their final phase, the doors haven’t opened yet.

Speaking with confidence and urgency, Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), said the Federal Government had finalized the critical legal and governance systems needed to kickstart the African Energy Bank. He made this known through a statement released by his media aide, Nneamaka Okafor, following a high-level meeting in Abuja.

In his words, the bank isn’t just a local dream. It’s built to transform energy financing across the continent. “The AEB is poised to become a transformative financing platform for energy projects across the continent. This review confirms that every critical milestone is either completed or on schedule, and we remain fully aligned with our continental partners,” Mr. Lokpobiri said.

The minister revealed that in addition to finishing up legal groundwork, discussions about capital mobilization had attracted encouraging commitments. He said both member countries and private investors were showing strong interest in the project. That kind of response, he believes, underlines the trust placed in Nigeria to host such a major institution.

As the host country, Nigeria sees the bank as a chance to show leadership in the energy space. Officials say it will be a tool for reducing Africa’s energy investment gap. They plan to fund a mix of traditional oil and gas projects alongside modern renewable options like solar and wind. The goal is to power African homes and businesses and create millions of jobs in the long run.

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Still, not everything has gone according to plan. The government had initially said the African Energy Bank would launch in the first quarter of the year. But by March 2025, it was clear that the promise wouldn’t be kept.

Back in February, Minister Lokpobiri said the physical building meant to house the bank in Abuja was still undergoing finishing touches. At the time, he hinted that a whopping $19 billion had already been raised to fund the new bank, with Nigeria contributing $69.1 million as part of its equity stake.

Even though the launch didn’t happen as expected, officials are still pushing forward with confidence. Lokpobiri said the focus now is on making sure the final rollout meets the highest standards of transparency and efficiency. “Our collective focus is on delivering a bank that catalyses investment, accelerates energy security, and drives economic growth across Africa,” he said.

At the same review meeting, major African stakeholders expressed firm support. Benedict Oramah, President of the African Export-Import Bank (Afreximbank), said his institution was ready to back the project both technically and financially. “Afreximbank is ready to deploy its structuring expertise and capital base to ensure the AEB launches with the strength and credibility required to attract global co-investors,” Oramah said.

Also present at the meeting was Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organisation. He praised Nigeria’s commitment to meeting the tough standards for establishing the bank. “We are impressed by Nigeria’s dedication to meeting the stringent requirements for bank establishment. The collaboration we witnessed today signals a unified resolve to deliver affordable, sustainable energy to Africans,” he noted.

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While there’s no exact date announced yet, stakeholders have reportedly agreed on a timeline for the inaugural board meeting. The government said it would announce the date publicly soon.

For now, Nigerians and other Africans are watching closely, hoping that the delays don’t undercut the promise of what could be a game-changer in Africa’s energy future.

The African Energy Bank holds massive potential. It promises to fund both fossil fuel and green energy projects that match Africa’s development needs. From solar-powered villages in Kenya to gas pipelines in Nigeria, the bank could become the heartbeat of a new industrial age on the continent.

But for that dream to come true, the speeches and plans must turn into action. Investors are ready. The people are hopeful. Now, it’s time to deliver.

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$19 billion energy fund / Abuja bank launch / Afreximbank / African Energy Bank / African energy finance / Lokpobiri / Nigeria energy investment / renewable energy Nigeria
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