Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil) has announced that the much-awaited Africa Energy Bank will commence operations in March 2025

Lokpobiri stated this at the opening of the Sub-Saharan Africa International Petroleum Conference organized by the Petroleum Technology Association of Nigeria on Tuesday, February 12.

The bank is expected to start with an initial investment of approximately $5 billion, sourced from member countries and the African Export-Import Bank (Afrexim Bank).

He revealed that the plan is to grow the energy bank's portfolio to $120 billion within the next four to five years.

His words: "For Africa, the Africa Energy Bank represents a vital solution to our energy challenges. The bank is set to launch with an initial capital of $5 billion, contributed by member countries and Afrexim Bank.

"As part of the agreement, Afrexim Bank will transfer its oil and gas portfolio to the new institution. Projections indicate that within the next four to five years, the bank's assets could expand to $120 billion. We are calling on investors to support this initiative with sustainable investments, not empty promises.

"As hosts of the Africa Energy Bank, we are proud to announce that the headquarters is nearly complete. Final touches are being applied to the state-of-the-art facility, which we believe is one of the finest in Africa.

"Our expectation remains that the bank will commence operations this quarter, with the official launch anticipated soon."

He reassured stakeholders that the bank's headquarters in Abuja, located in a newly completed state-of-the-art building, is nearing completion and will be fully operational by the end of the first quarter, Punch reports.

He explained: "We believe that by the end of this quarter, this bank will formally take off. So you don’t need to go elsewhere to look for funding."