At the end of the 19th meeting of the Board of Directors of the Organization of African Petroleum Producers (APPO), a statement from the Nigerian Government indicated that the African Energy Bank (AEB) plans to start its activities on January 28, 2025.

The African Energy Bank (AEB) is a development institution with an initial capital of 5 billion dollars. Its mission is to support the financing of oil, gas and potentially renewable energy projects in Africa, and to bridge the continent's energy deficit by exploiting its vast oil and natural gas reserves. According to the Nigerian Minister of Petroleum, Nicholas Agbo Ella, the finalization of the work of the AEB headquarters in Abuja is under way, and its inauguration should take place next January. According to him, Nigeria has already paid $69.12 million as part of its contribution to the institution's capital. The secretary general of the APPO, Dr. Omar Farouk Ibrahim, indicated that 50% of the funds needed to start the AEB are already available. To this end, it calls on member countries to maintain their efforts to ensure the launch on time.

The International Energy Agency (IEA), which indicates that access to energy is a major priority in Africa, where 600 million people do not have access to electricity, has also estimated that more than $200 billion per year the investments needed to meet growing energy needs are more than $200 billion per year.