February 4, 2026 l By Dalena Reporters
ABUJA, Nigeria — Africa’s energy landscape could soon experience a major infusion of capital, as the newly established Africa Energy Bank announced plans to mobilise $10 billion in financing to support strategic oil and gas projects across the continent, with Nigeria among the first countries targeted for investment. The announcement was made on Tuesday during the opening of the 9th Nigeria International Energy Summit 2026 in Abuja.
The funding initiative was disclosed by Farid Ghezali, Secretary-General of the African Petroleum Producers’ Organisation (APPO), who described the Africa Energy Bank as a continental vehicle designed to unlock financing for upstream, midstream and downstream energy projects that have long struggled to attract capital. He said the first phase of the bank’s operations will focus on Nigeria, Angola and Libya, with the aim of accelerating stalled infrastructure and production initiatives.
The $10 billion programme represents a coordinated effort to bridge persistent funding gaps that have hindered the development of Africa’s oil and gas sectors, and to attract broader investment from global markets. Ghezali explained that the funding will not only support conventional petroleum development but is also intended to enhance energy security and strengthen regional cooperation in an increasingly competitive global energy environment.
The announcement comes as Nigeria formally handed over the fully furnished headquarters of the Africa Energy Bank in Abuja, marking the final preparatory step toward the institution’s launch — expected as early as June 2026. The new facility, situated in the Afreximbank African Trade Centre, was constructed and paid for by the Federal Government to signal Nigeria’s commitment as host nation.
Energy sector stakeholders and government officials at the summit underscored the strategic importance of this funding initiative for diversifying Africa’s energy economy. Analysts note that access to reliable capital could facilitate the completion of long-delayed pipelines, refineries and gas infrastructure projects, while supporting efforts to create jobs and stimulate broader industrial growth across participating countries.
In addition to addressing traditional fossil fuel financing, proponents of the Africa Energy Bank argue that its establishment could help reduce Africa’s reliance on external lenders and multinational financing structures that often impose restrictive terms. The bank’s structure and operations are intended to make project financing more accessible, while incorporating environmental, social and governance standards that appeal to global investors.
Critics of fossil fuel financing have called for a parallel focus on renewable and clean energy investments, noting global shifts toward decarbonisation. However, supporters in Africa maintain that oil and gas will continue to play a key role in meeting immediate energy needs and financing broader development, especially in countries where energy poverty remains acute.
The Africa Energy Bank’s funding strategy marks a significant development for Nigeria and other resource-rich African states, as leaders seek to harness domestic energy potential and reposition the continent within global markets. With formal operations anticipated later this year, attention will now turn to how effectively the bank can translate its capital commitments into tangible projects and lasting economic impact.