The African Energy Bank (AEB), due to be launched in Abuja in the first half of 2026, aims to mobilise up to $200 billion to finance midstream and downstream energy projects across Africa, according to officials of the African Petroleum Producers’ Organisation (APPO).
APPO Secretary General Farid Ghezali announced the target on Tuesday at the Nigeria International Energy Summit (NIES 2026), saying the bank’s immediate goal is to raise $15 billion within three years to support key infrastructure such as refineries, pipelines and gas processing facilities.
Ghezali said Africa continues to export about 70% of its crude oil and 45% of its natural gas, costing the continent an estimated $15 billion a year in lost value that could instead be captured through local refining and gas utilisation.
He added that high financing costs of between 15% and 20% in Africa, compared with 4% to 6% in Asia, have stalled more than 150 projects, including major refineries and Nigeria’s Ajaokuta–Kaduna–Kano (AKK) gas pipeline.
To tackle this, the AEB plans to list shares of national oil companies and large projects such as the Dangote refinery, and create a unified African energy investment and trading platform to attract regional and global capital.
The bank will also introduce intra-African oil and gas pricing, which APPO says could cut energy import bills by up to 30% and generate savings of about $1.4 billion across the continent.
Ghezali outlined a three-phase roadmap, beginning with the launch of the AEB in 2026 with flagship projects in countries including Nigeria, Angola and Libya, followed by a regional oil and gas trading system in 2027.
By 2030, the bank is expected to become a fully-fledged African financial hub, with $200 billion mobilised for energy infrastructure and up to 500,000 direct jobs created in midstream industries.
Ghezali called for an “Abuja Pact” to secure political and industry backing for the bank, urging African governments and companies to commit to its rollout by May 2026.
APPO, which is headquartered in Brazzaville and represents 18 African oil-producing countries, said the initiative is designed to deepen regional cooperation, reduce dependence on energy imports and strengthen Africa’s energy security.