Nigeria hosts $5bn Africa Energy Bank headquarters

Nigeria has inaugurated the Africa Energy Bank, a $5 billion financial institution aimed at funding oil, gas, and other energy projects across the continent. The bank's establishment was announced during the African Export-Import Bank's (Afreximbank) inaugural general meeting held in Abuja on October 31, 2026. The Africa Petroleum Producers’ Organisation (APPO) and Afreximbank jointly issued a statement about the bank's formation.

The Africa Energy Bank will provide funding for petroleum exploration, production, transportation, refining, and distribution, with a mandate to support Africa's efforts to reduce dependence on imported petroleum products. The bank's authorized capital of $5 billion makes up 2.5% of the estimated $200 billion required for Africa's energy investment needs.

The bank aims to bridge the financing gap left by traditional lenders, who are reducing support for fossil fuel investments. The Africa Energy Bank is expected to attract investments from governments, national oil companies, financial institutions, and private investors.