APPO sets $120bn valuation target for Africa Energy Bank within 5 Years

The African Petroleum Producers Organization (APPO), in preparation for the commencement of the $5 billion Africa Energy Bank has announced its target to grow the bank’s value to $120 billion in 5years.

The Africa Energy Bank, a collaborative
effort between Afreximbank and the African Petroleum Producers Organization marks a significant milestone in Africa’s quest for energy security and sustainability.

Heineken Lokpobiri, Nigerian minister of state for Petroleum Resources (oil) who received Benedict Okechukwu Oramah, President of the African Export-Import Bank (Afreximbank), in his office, noted ongoing effort towards the commencement of the Bank’s operations which will be hosted in Nigeria.

Lokpobiri in a statement issued to journalists on Thursday reiterated Nigeria’s support for the AEB and its pivotal role in unlocking Africa’s energy potential, stating that Nigeria, as a leading oil and gas producer, is well positioned to leverage this transformative initiative.

“We encourage industry players to seize this opportunity to invest in Africa’s energy future.

“This bank represents a bold step in ensuring that Africa controls and finances its energy future. It is an avenue for stakeholders to invest in a self-sustaining energy sector that will drive industrialization, job creation, and economic prosperity,” he added.

Nigeria, in July 2024 was declared winner of the hosting right for the establishment of the Africa Energy Bank (AEB) Headquarters after it competed with Ghana, Algeria, South Africa, and Benin Republic.

Oramah commended Nigeria for taking the bull by the horns in hosting the headquarters of Africa Energy Bank and expressed confidence in Nigeria’s oil and gas portfolio as the bank will not only benefit the energy sector in Africa but will guarantee immediate benefit for Nigeria.

He emphasized the significant role of the bank in bridging Africa’s energy financing gap. “The establishment of the Africa Energy Bank is a game-changer for the continent.”