African Energy Bank to boost oil and gas projects with $10bn fund
The African Energy Bank is set to mobilise $10bn to support strategic oil and gas projects across Africa. Farid Ghezali, Secretary-General of the African Petroleum Producers’ Organisation, announced the initiative during the 9th Nigeria International Energy Summit in Abuja. The first phase will focus on Nigeria, Angola, and Libya, aiming to unlock stalled projects and attract global investors. The bank is designed to address chronic underinvestment and fragmented financing in Africa’s energy sector.
TLDR
- Farid Ghezali revealed the $10bn African Energy Bank initiative at a major energy summit in Abuja.
- The first phase targets Nigeria, Angola, and Libya, focusing on upstream, midstream, and downstream developments.
- The bank aims to unlock stalled projects, create thousands of jobs, and attract both local and international investors.
- The initiative will provide structured financing, access to global capital markets, and support for projects with strong ESG frameworks.
- The African Energy Bank headquarters will be in Abuja, and it plans to standardise regional pricing, generate 500,000 direct jobs, and reduce Africa’s reliance on energy imports.
