Africa Energy Bank Plans $10bn Funding for Nigeria, Others
The newly established Africa Energy Bank (AEB) plans to mobilise up to $10 billion in funding for strategic energy projects across Nigeria and other African countries, aimed at addressing chronic underinvestment in the sector and boosting energy security.
According to officials familiar with the initiative, the bank will focus on financing oil, gas, power, and renewable energy projects that are critical to industrial growth and economic development across the continent. Nigeria, Africa’s largest energy market, is expected to be a major beneficiary of the funding.
The initiative is designed to bridge financing gaps created by reduced global funding for fossil fuel projects and rising capital constraints facing African energy developers. By providing long-term, affordable financing, the bank aims to unlock stalled projects and support energy transition efforts tailored to Africa’s development needs.
“The Africa Energy Bank will play a catalytic role in mobilising capital for projects that are vital to economic growth but have struggled to attract funding,” a source involved in the project said.
In Nigeria, the funding is expected to support investments in gas infrastructure, power generation, and clean energy projects, helping to improve electricity supply and reduce reliance on fuel imports.
The bank is backed by a coalition of African governments, financial institutions, and energy stakeholders, and is expected to begin operations once regulatory and capitalisation processes are completed.
Analysts say the move could strengthen regional energy cooperation and reduce Africa’s dependence on external financing sources, while supporting sustainable development across the continent.
