The Nigerian government, through its Ministry of Petroleum Resources, is actively campaigning to establish the headquarters of the newly created $5 billion Africa Energy Bank (AEB) in Abuja.
This initiative, led by the Ministry’s top officials, aims to persuade the 18 member countries of the African Petroleum Producers Organization (APPO) to vote for Abuja as the bank’s base.
On Monday, Petroleum Minister Heineken Lokpobiri called on APPO members to back Nigeria’s proposal during the voting sessions in Abuja. He underscored Nigeria’s dominance in the oil and gas industry, with oil reserves exceeding 37 billion barrels.
“Every APPO member, irrespective of their daily output, has an equal vote. This highlights the importance of unanimous support,” Lokpobiri stated during his address to stakeholders.
Permanent Secretary Nicholas Agbo highlighted Nigeria’s strategy to harness its extensive energy resources to drive innovation and attract significant investments. Agbo emphasized the need to diversify the energy sector, aiming to boost energy security, reduce dependence on a single energy source, and promote a sustainable and resilient energy industry. This approach, he noted, is designed to stimulate economic growth and enhance the quality of life for Nigerians.
