The African Energy Bank (AEB) has announced the deployment of $10 billion in initial funding to support major oil and gas projects in Nigeria, Angola and Libya, marking a significant boost for energy infrastructure development in Africa. The programme was unveiled during the 9th Nigeria International Energy Summit 2026 in Abuja by the Secretary-General of the African Petroleum Producers’ Organisation (APPO), Africa Business Insider reported.
The first phase of financing will focus on upstream, midstream and downstream energy projects, with backing from major oil companies and APPO certification. Officials said the initiative aims to unlock stalled projects, attract investment, enhance energy security, and create jobs in the three pilot countries, The Street Journal noted.
The AEB is designed as a pan-African platform to bridge persistent capital gaps in the continent’s energy sector, where high borrowing costs and fragmented financing have limited growth. The bank will offer access to capital markets, structured project financing, and investments aligned with environmental, social, and governance standards, summit organisers said.
Officials outlined a multi-phase roadmap beyond the initial $10 billion, including plans to establish a regional gas trading hub and expand financing capacity across Africa by 2030. The strategy is expected to mobilise additional capital for energy infrastructure and strengthen regional cooperation in the sector, according to The Street Journal.
