Africa Energy Bank Established in Abuja

The African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organisation (APPO) have formally established the Africa Energy Bank. Headquartered in Abuja, Nigeria, the institution has an authorised capital of 5 billion US dollars and aims to finance oil, natural gas, and related energy infrastructure projects across the continent.

The bank held its inaugural general meeting in Abuja on October 31, 2026, appointing Egyptian banking executive Helmy Ghazi as its first president. Operations are scheduled to commence in January 2027. The bank is designed to address an estimated 200 billion US dollars in energy financing needs in Africa, filling a gap left by international financial institutions that have increasingly restricted funding for fossil fuel projects.