Nigeria has hosted the formal launch of the Africa Energy Bank, a $5bn institution established to mobilise funding for oil, gas and other energy projects across the continent.
The bank was formally announced by the African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organisation (APPO) during its inaugural general meeting in Abuja on October 31, 2026.
With an authorised capital of $5bn, the institution is expected to provide financing for activities across the petroleum value chain, including exploration, production, transportation, processing, refining and distribution.
Its establishment comes as African oil and gas producers face increasing difficulties securing funding from traditional international lenders, many of which have reduced their exposure to fossil fuel projects.
Afreximbank and APPO estimate that Africa requires about $200bn in energy investments, leaving a substantial funding shortfall that the new bank is expected to help bridge.
The promoters said the institution would provide an alternative source of capital while supporting Africa’s energy development priorities and reducing dependence on imported petroleum products.
The bank will also focus on expanding local refining and processing capacity, improving energy transportation networks and encouraging trade in energy products among African countries.
Its mandate extends beyond the petroleum industry to include investments in power generation and transmission infrastructure, which the institutions consider essential to industrial growth and rising electricity demand.
At the inaugural meeting, members approved the appointment of Helmy Ghazi as the bank’s first president and constituted its pioneer Board of Directors, with representatives drawn from public and private sector institutions across Africa.
Those present included Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri; Afreximbank President and Chairman of the Board, George Elombi; and Côte d’Ivoire’s Minister of Mines, Petroleum and Energy, Mamadou Sangafowa-Coulibaly.
The institutions said the bank would operate as an independent pan-African financial institution, with funding expected from governments, national oil companies, financial institutions and private investors.
They added that the initiative was designed to strengthen African participation in the continent’s energy industry and give local stakeholders a greater role in shaping its future.
Afreximbank reported that its total assets and contingencies exceeded $54.1bn as of September 2026, while its shareholder funds stood at $9bn.
APPO, established in Lagos in 1987, works to promote cooperation among African petroleum-producing countries through policy coordination, technical partnerships and knowledge sharing.
The two organisations are expected to draw on their experience to attract investment and support energy development projects across Africa.
