Nigeria beats Algeria in bid to host $5 billion Africa Energy Bank

Oil and gas rich Nigeria has defeated Algeria and other competitors, after it was chosen as the host of the newly created Africa Energy Bank, worth $5 billion.

In hosting the new lender, Nigeria will become “at the forefront of Africa’s energy future,” said Nigerian oil minister Heineken Lokpobiri.

The new bank aims to address the funding challenges faced by Africa’s oil and gas industry amid the global energy transition.

As a supranational institution, it will provide funds for African energy projects, including emerging oil and gas projects across the continent.

Nigeria promised to contribute $100 million to the bank, which will finance both fossil fuels and renewable energy projects.

Besides Algeria, the other countries that lost the race to host the bank’s headquarters are Benin and Ghana.