Africa must significantly increase the mobilisation of domestic, institutional and international capital to finance its energy needs and support industrialisation across the continent, a senior official of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has said.
Lead, Business Performance and JV Assets at NNPC Limited, Olamide Efosa-Austin, said Africa’s energy transition must be financed in a way that addresses not only climate objectives but also the continent’s energy security, industrial growth, job creation and broader development needs.
“Africa does not have the luxury of an either/or energy transition,” she said.
Efosa-Austin made the remarks at the inaugural Africa Capital Week 2026 in Nairobi, Kenya, during a session on capital for renewable energy and climate change.
The event brought together policymakers, regulators, investors, capital-market operators and business leaders to examine ways of deepening African capital markets and improving access to long-term financing for economic development.
Financing beyond the energy transition
Efosa-Austin argued that Africa needs an integrated approach to energy financing rather than treating conventional and renewable energy as competing investment priorities.
She called for greater mobilisation of capital from domestic and institutional investors, while maintaining efforts to attract international investment into energy projects.
According to her, capital deployed across Africa must ultimately translate into sustainable economic value and support the continent’s wider development objectives.
Her comments come amid continued discussions about how African countries can close financing gaps in energy and infrastructure while responding to the global shift towards cleaner energy.
Capital markets key to infrastructure financing
The broader financing challenge was also highlighted by the Director-General of Nigeria’s Securities and Exchange Commission, Dr Emomotimi Agama, who said stronger African capital markets are essential to unlocking long-term funding for infrastructure and economic development.
He called for greater collaboration among African capital markets and stronger investor confidence to facilitate the movement of long-term capital into productive investments.
Stakeholders at the forum identified bankable projects, stronger financial institutions, regulatory cooperation and investor confidence as some of the factors needed to improve the flow of capital into Africa’s energy and infrastructure sectors.
The discussions were held under the theme, “Deepening Capital Markets to Advance Africa’s Economic Sovereignty.”
A key outcome was the Nairobi Declaration 2026, which includes commitments to strengthen regulatory cooperation, deepen integration among African securities exchanges, develop an Africa Bankable Projects Pipeline and mobilise institutional capital for infrastructure.
For the energy sector, the discussions highlighted the need for financing models capable of supporting Africa’s energy transition while simultaneously addressing energy security, infrastructure deficits and industrialisation.
Efosa-Austin’s intervention therefore placed energy financing within the broader challenge of ensuring that African economies can mobilise sufficient long-term capital to fund productive investment and economic growth.