African Energy Bank begins operations Q2

The African Energy Bank, a financial institution designed to mobilise capital for Africa’s energy priorities and strengthen the continent’s energy value chains, is set to commence operations in June.

This was made known by the President, African Petroleum Producers’ Organization (APPO), Mamadou Sangafowa-Coulibaly, at the handover ceremony of the headquarters building of the African Energy Bank in Abuja by the federal government.

Coulibaly, who spoke at the ceremony on the sidelines of the Nigeria International Energy Summit (NIES) in Abuja, commended Nigeria’s leadership in driving the initiative.

He expressed appreciation to partners for providing the headquarters facilities, describing the Bank as a symbol of Africa’s resolve to finance, develop and secure its energy future by Africans, for Africans.

The African Energy Bank is a joint initiative of APPO member states and the African Export-Import Bank (Afreximbank), with a mandate to mobilise domestic and regional capital for energy infrastructure, reduce dependence on external financing, and align investments with Africa’s long-term development and industrialisation objectives.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during the ceremony said Nigeria had fulfilled all its obligations as host, noting that the headquarters is strategically located, fully equipped and ready for immediate take-off.

He described the African Energy Bank as more than a financial institution, but a cornerstone of Africa’s quest for economic independence and long-term energy security, marking the beginning of a new era in which Africans finance, produce and sustain their own energy future.

The ceremony reflected a shared African commitment to taking greater ownership of the continent’s vast natural resources, with speakers highlighting that the Bank will deploy targeted financial instruments to support projects across the energy value chain — including exploration, refining, renewable energy integration and local content development — to drive economic value and job creation.

The African Energy Bank is a pan-African institution jointly established by APPO member states and Afreximbank, aimed at strengthening regional energy markets, boosting value addition and supporting sustainable development through improved access to capital.