Nigeria, Angola, and Ghana have met their capital commitments for the Africa Energy Bank (AEB), contributing 44% of the required funding from African Petroleum Producers Organization (APPO) members to start the bank’s operations. This was announced by Dr. Omar Farouk Ibrahim, APPO Secretary General, at the Congo Energy & Investment Forum.
The Africa Energy Bank (AEB) aims to finance oil and gas projects across Africa, addressing funding gaps caused by Western financial institutions’ reluctance due to environmental concerns. APPO has requested $83 million contributions from each of its 18 members, targeting $5 billion in initial capital. Nigeria, Angola, and Ghana have already committed, with additional countries set to contribute.Angola is diversifying its energy portfolio, advancing deepwater projects like TotalEnergies’ $6 billion Kaminho and Eni’s Agogo West Hub, aiming for 2 million bpd production.
It plans a green hydrogen FID by 2025 and is expanding the Angola LNG plant. Ghana is strengthening its oil and gas sector with new Eni and Tullow Oil commitments, including offshore exploration agreements and a May 2025 drilling program. Recent regulatory reforms are enhancing fiscal terms and investment incentives.
The AEB addresses Africa’s energy financing needs, offering tailored solutions to boost project development, energy security, and economic growth. As more countries contribute, it will play a key role in unlocking investment and ensuring sustainable energy expansion across the continent.
