The proposed Africa Energy Bank, which aims to fund oil and gas projects across the continent, is set to start operations by the first quarter of 2025, with an ambitious target to hit $120 billion in assets.

The bank, a partnership between Afreximbank and the African Petroleum Producers Organization (APPO), is meant to help plug a funding gap in Africa amid pressure on major banks from environmental groups to shift investment dollars away from climate-warming oil and gas projects.

“The building is ready, and we are only putting finishing touches to it, by the end of this quarter, this bank will take off,” said Heineken Lokpobiri, the minister of state for petroleum resources (Oil).

He called for stronger regional collaboration, investment in human capital, and innovation to ensure that African nations can compete globally. However, he warned that without addressing energy poverty, the continent risks leaving millions behind in the transition to cleaner energy.

Source: BUSINESSDAY