Afreximbank Invests $52 Billion in Nigeria, Launches Africa Energy Bank

The African Export-Import Bank (AFREXIMBANK) has invested $52 billion in Nigeria, making it the largest recipient of the bank's trade financing, which has significantly impacted various sectors, including healthcare and industrialization. In a related development, Nigeria is set to launch the Africa Energy Bank (AEB) with an initial capital of $5 billion, aiming to reach $120 billion in assets within five years, as announced by Minister of State for Petroleum Resources Heineken Lokpobiri. The AEB, a joint initiative between AFREXIMBANK and the African Petroleum Producers Organization, will primarily finance oil and gas projects while also addressing the continent's energy transition challenges. The bank's headquarters will be located in Abuja, and it is expected to commence operations by the end of the first quarter of 2025. This initiative is seen as crucial for bridging the funding gap in Africa's energy sector, especially given increasing pressures on traditional financing sources. The AEB aims to collaborate with numerous African banks to foster sustainable growth in the region's energy landscape.