The Nigerian National Petroleum Corporation (NNPC) has announced its intention to invest in the proposed African Energy Bank (AEB), aiming to secure funding for energy projects across Africa.
The bank, established by the African Petroleum Producers Organization and Afreximbank, is slated to commence operations by June 2024. The institution will open with an initial capital of $5 billion, which is projected to grow to a gross asset base exceeding $120 billion by 2028.
The AEB will feature three classes of shareholders: African oil-producing nations, national oil companies and both African and international investors. With this structure, the AEB will focus on enhancing existing oil assets while bolstering infrastructure development, particularly in critical areas like refineries, logistics, pipelines and storage facilities.
