CAPE TOWN, South Africa (BG) — Nigeria, Angola and Ghana have officially contributed their capital shares to the Africa Energy Bank, marking a significant milestone in the institution’s formation and reinforcing its role in mobilizing financing for Africa’s energy future.
Dr. Omar Farouk Ibrahim, secretary-general of the African Petroleum Producers Organization (APPO), announced last week at the Congo Energy & Investment Forum that the contributions account for 44% of the minimum required funding.
Each of APPO’s 18 member states has been asked to contribute $83 million toward an initial capitalization target of $5 billion, according to a media release from the African Energy Chamber on Tuesday.
The Africa Energy Bank — a strategic initiative launched by APPO in partnership with the African Export-Import Bank (Afreximbank) — aims to serve as the continent’s premier financial institution for oil, gas and broader energy investments.
It was created to address a growing funding gap as traditional Western financiers scale back support for fossil fuel projects in light of global environmental policies.
Beyond the initial three contributors, five additional countries — Algeria, Benin, the Republic of Congo, Equatorial Guinea and Ivory Coast — have pledged to make payments in line with the bank’s goal to begin operations in the first half of 2025.
The move comes at a time of heightened energy activity across Africa.
Nigeria, sub-Saharan Africa’s largest oil producer, is preparing for a 2025 licensing round and progressing major upstream developments, including TotalEnergies’ $550 million Ubeta Gas Field and Shell’s $5 billion Bonga North project.
Angola is advancing deepwater projects such as the $6 billion Kaminho Deepwater Project, and is expected to make a final investment decision on a 600-megawatt green hydrogen facility next year.
Ghana is expanding exploration through new agreements with Eni and Tullow Oil, while also investing in infrastructure and transitioning into renewables.
The Africa Energy Bank is expected to play a key role in bridging financing gaps, accelerating project delivery and enhancing long-term energy security across the continent.
Its development will take center stage at African Energy Week 2025: Invest in African Energies, scheduled for Sept. 29 to Oct. 3 in Cape Town.
The event will feature a dedicated energy finance stage highlighting the bank’s progress, investment strategies and efforts to lower barriers to capital access across Africa.