Africa has taken a major step towards strengthening its financial independence in the energy sector with the official launch of the African Energy Bank in Abuja, Nigeria, on October 31, 2026.

Established by the African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organization (APPO), the new institution aims to finance projects across the continent’s oil and gas value chain, from exploration and production to transportation, storage, refining and distribution.

The bank has an authorized capital of $5 billion, equivalent to approximately CFAF 2,800 billion. It is expected to provide an alternative source of financing at a time when several international financial institutions are reducing their exposure to fossil fuel projects.

The initiative comes as African oil and gas producers face growing challenges in securing funding for energy infrastructure, despite the sector's continued importance to many national economies.

By mobilizing African and international capital, the institution aims to support the development of local energy resources, expand refining capacity and reduce the continent's dependence on imported petroleum products.

Côte d’Ivoire has secured a prominent position in the new institution's governance. The country's Minister of Mines, Petroleum and Energy, Mamadou Sangafowa-Coulibaly, was elected president of the bank's General Assembly for a one-year term.

The election reflects Côte d’Ivoire's involvement in the negotiations that led to the establishment of the institution, as well as its role within the African Petroleum Producers’ Organization.

Nigeria will host the bank's headquarters in Abuja, with its first financing operations expected to begin in 2027.

The creation of the African Energy Bank marks an effort by African countries to strengthen control over the financing of their natural resources and build greater capacity to develop energy projects on the continent.