Three major oil-producing nations in Africa—Ghana, Nigeria, and Angola—have collectively pledged $120.8 million towards the operationalisation of the African Energy Bank.
Nigeria, which will host the bank, has provided the largest share with $91.4 million, while Ghana followed with $20.4 million and Angola with $10 million, according to officials.
The African Petroleum Producers’ Organization (APPO), made up of 18 member states, had earlier agreed that each country would contribute $83.33 million, targeting $1.5 billion as initial capital.
So far, contributions remain far below the $500 million required to begin operations, leaving the majority of APPO members yet to fulfill their obligations.
APPO Secretary-General Dr. Omar Farouk Ibrahim revealed in Angola that the official launch date of the bank will be determined at the next ministerial meeting, though uncertainties remain due to the shortfall.
The initiative was first introduced in 2022 at the 8th African Petroleum Congress in Luanda, after global banks scaled back funding for fossil fuel projects in response to the energy transition.
Working in partnership with Afreximbank, APPO aims to mobilize $5 billion as base capital, positioning the African Energy Bank as a critical alternative to declining international oil and gas financing.
The effort comes amid an energy financing gap in Africa, estimated between $31 billion and $50 billion, which continues to widen due to global investment shifts.
At the same time, Africa receives less than 3% of global energy investment despite commitments of climate finance, leaving over 600 million people without access to electricity.
For the three nations that have already contributed, the move signals a push to secure energy independence and address financing challenges that threaten the continent’s economic growth.