By Habeeb Ibrahim
Nigeria has emerged as the preferred host country for the African Energy Bank, a development that is expected to bring significant economic benefits to the nation.
The bank, which is projected to grow its assets to over $120 billion in the next seven years, will be the largest single foreign direct investment in Nigeria in over two decades.
The establishment of the African Energy Bank is expected to have a profound impact on Nigeria’s economy, with predictions of an instant boost in GDP, job opportunities, and hydrocarbon finance. The bank’s presence is also expected to provide the necessary support for Nigeria and Africa to overcome energy poverty.
The hosting rights were secured after a competitive bid process, and Nigeria’s selection is seen as a testament to the country’s growing economic influence on the continent.
The bank’s $5 billion investment is expected to be a game-changer for Nigeria’s economy, which is on track to reach $1 trillion in the near future.
President Bola Tinubu’s special adviser on social media, Dada Olusegun, took to social media to congratulate Nigerians on the development, saying, “The journey to a $1 trillion economy is in full swing.”
“Good to hear that Nigeria has finally secured the right to host the much anticipated African Energy Bank. -Apart from the pride it brings to us as a nation, the fact that the bank is excepted to grow its assets to over $5bn bank will be the largest single foreign direct investment in Nigeria in over two decades. Among others, – Instant boost in GDP – Job opportunities – Hydrocarbon finance Most importantly, the bank is expected to provide the needed support for the country and Africa at large to overcome her energy poverty. Congratulations, Nigerians, the journey to a $ 1 trillion economy is in full swing” he concluded.
