Manny Ita
The Federal Government of Nigeria officially handed over the fully furnished headquarters of the Africa Energy Bank to the Association of African Petroleum Producing Countries (APPO) on Monday, marking a major milestone on the sidelines of the 2026 Nigeria International Energy Summit (NIES) in Abuja. Speaking at the ceremony, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, confirmed that Nigeria has fulfilled all logistical and financial obligations as the host country. “Nigeria is formally handing over this furnished African Energy Bank to APPO and Afreximbank. Today represents the fulfilment of our commitment,” Lokpobiri stated, adding that the $5 billion institution is expected to commence full operations by June 2026 to provide sovereign financing for African energy projects.
Simultaneously, the Nigerian National Petroleum Company Limited (NNPC Ltd) utilized the summit to detail its “Gas Master Plan 2026,” a strategic roadmap designed to transform the nation into a globally competitive gas hub. Group CEO Engr. Bashir Bayo Ojulari explained that the plan aims to increase national gas production to 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030. The framework is intended to catalyze over “$60 billion in new investments across the oil and gas value chain by 2030,” focusing on infrastructure expansion and the elimination of routine gas flaring. The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, described the launch as a “deliberate shift towards a more integrated, commercially driven, and execution-focused gas sector.”
In a push for regional industrialization and local capacity, the Federal Government further emphasized that its petroleum policies are designed to accommodate both indigenous and international firms rather than targeting foreign entities. Minister Lokpobiri noted during a pre-conference plenary that the government is focusing on making project costs globally competitive by encouraging cooperation between international Engineering, Procurement, and Construction (EPC) companies and “strong indigenous firms.” He acknowledged that while offshore operations currently rely on foreign expertise, the focus remains on “strengthening local capacity” to ensure Nigerian companies can eventually compete effectively on a global scale.
The summit, held under the theme “Energy for Peace and Prosperity: Securing Our Shared Future,” also featured discussions on Nigeria’s transition to sustainable energy, including the progress of a multi-billion euro Green Hydrogen Hub in Akwa Ibom State. This project, supported by one of the largest solar procurement agreements in sub-Saharan Africa, is expected to produce 1.2 million tonnes of green methanol annually. Officials at the summit highlighted that such initiatives represent “the dawn of a new industrial revolution in Nigeria,” powered by innovation and renewable molecules as the country seeks to balance its traditional hydrocarbon wealth with emerging green technologies.
