Mirian Gom 
ABUJA, Nigeria – Africa prepares for a major energy investment surge as the newly established African Energy Bank moves to mobilise $10 billion for strategic oil and gas projects across the continent.
The initiative was unveiled on Tuesday in Abuja by Farid Ghezali, Secretary General of the African Petroleum Producers’ Organisation (APPO), during the opening of the 9th Nigeria International Energy Summit 2026.
Ghezali says the first phase of funding will focus on Nigeria, Angola, and Libya, targeting stalled projects across the upstream, midstream, and downstream value chains.
“This platform is designed to unlock capital, restore investor confidence, and correct decades of underinvestment in Africa’s energy infrastructure,” he tells delegates.
According to APPO, Africa continues to export about 70 per cent of its crude oil and 45 per cent of its natural gas, losing an estimated $15 billion annually in potential local value due to limited processing capacity.
Ghezali identifies high financing costs—15 to 20 per cent borrowing rates, compared with 4 to 6 per cent in Asia—as a major constraint on energy development.
“The African Energy Bank is our pragmatic response,” he says. “It will provide structured financing, regional pricing stability, and access to global capital markets.”
He outlines a phased growth plan, with Phase Two in 2027 introducing a regional gas trading hub, while Phase Three by 2030 expands the bank into a $212 billion energy financing platform.
The bank, scheduled to launch in Abuja in early 2026, aims to generate 500,000 direct jobs, support ESG-compliant projects, and connect African energy ventures to sovereign wealth funds.
Also speaking, Anibor Kragha, Executive Secretary of the African Refiners & Distributors Association, urges African countries to prioritise local refining, citing Nigeria’s Dangote Refinery as a regional model.
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Chukwu Obinna 
Otamere Gladness 
Edino Chubiyo Cornelius 