Nigeria has won its bid to host the $5 billion African Energy Bank, which aims to address funding crisis for energy infrastructure on the continent.
Rising from over four hours of meeting in Abuja on Thursday, Minister of Petroleum Resources (Oil), Heineken Lokpobiri, said his counterpart under the African Petroleum Producers Organisation (APPO) approved Nigeria to host the bank.
The bank, an initiative of APPO and Afrexim Bank is expected to start with about $5 billion.
Lokpobiri said the bank was necessary given the financial crisis currently facing the push to address the energy gap in Africa.
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