African Energy Bank Targets $15 Billion to Fund Continental Oil and Gas Projects by 2030

• African Energy Bank (AEB) aims to raise $15 billion by 2030 for oil and gas projects in Africa.
• Full operations in Abuja are expected by June 2026, creating over 500,000 direct jobs in the midstream sector.
• Bank seeks to standardize intra-African gas and oil pricing, potentially saving $1.4 billion annually.
• Over 150 stalled projects, including AKK pipeline and refineries, to benefit from new funding.
• AEB will enable share listings for national oil companies and connect African projects to global capital markets.

The African Energy Bank (AEB) is being positioned to raise approximately $15 billion to finance oil and gas initiatives across Africa by 2030, the Association of Petroleum Producers’ Organization (APPO) has announced. The bank is expected to start full operations in Abuja by June 2026 and aims to generate over 500,000 direct jobs in the regional midstream sector.

Remarks at Energy Summit

Farid Ghezali, APPO’s secretary-general, disclosed the plan during the opening of the 2026 Nigeria International Energy Summit at the State House, Abuja. He explained that the AEB, a joint venture between APPO member states and the African Export-Import Bank, was initially capitalized with $5 billion.

Its primary role is to mobilize domestic and regional funding for energy infrastructure, reduce dependence on foreign financing, and align investments with Africa’s industrialization and long-term development goals.

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“The AEB will standardize pricing for gas and oil within member countries, which could save the continent up to 30 percent on energy imports, potentially $1.4 billion annually,” Ghezali said. He highlighted the paradox that while Africa exports nearly 70 percent of its crude oil and 45 percent of its natural gas, it loses an estimated $15 billion annually due to financing bottlenecks and underdeveloped infrastructure.

Unlocking Blocked Projects

Ghezali pointed out that over 150 strategic projects, including refineries, pipelines such as the Ajeokuta-Kaduna-Kano (AKK) line, and other gas infrastructure, remain stalled due to a lack of financing. The AEB aims to bridge this gap by unlocking $200 billion for midstream and downstream projects by 2030.

The bank will also facilitate share listings in national oil companies and major projects like the Dangote Refinery and AKK pipeline, while linking African projects to global sovereign wealth funds and capital markets through public-private partnerships.

Adegbite Falade, chairman of the Independent Petroleum Producers Group, stressed that Nigeria’s energy sector must thrive on collaboration and consolidation rather than fragmentation. He noted that since the 2025 summit, the country has made significant progress across the oil and gas value chain, with increased production in both upstream and gas sectors. However, Falade urged the federal government to continue attracting private capital to develop energy infrastructure to fully realize the sector’s potential contribution to Nigeria’s GDP.