Africa Energy Bank begins operations in Abuja with $5bn capital

A new pan-African bank dedicated to financing energy projects has officially started work in Nigeria's capital.
What happened
The Africa Energy Bank held its first general meeting in Abuja and named Helmy Ghazi as its first president, according to a statement by the African Export-Import Bank (Afreximbank) reported on Sunday, 1 November 2026. The bank has an authorised capital of $5 billion.
What the bank will do
The bank was set up by Afreximbank and the African Petroleum Producers' Organisation (APPO) to fund oil, gas and other energy infrastructure on the continent. Afreximbank estimates that Africa needs about $200 billion in energy investment to meet its development needs. Supporters of the bank say it will help African producers finance projects at a time when many Western lenders have pulled back from funding oil and gas.
Background
Nigeria won the bid to host the bank's headquarters, beating other African countries, and the Federal Government has promoted the institution as a sign of investor confidence. African oil producers have long complained that it is difficult to raise money for fossil fuel projects as global banks shift towards renewable energy. The bank is expected to fund a mix of projects, including gas processing, refineries and power generation.
What it means
For Nigeria, hosting the bank could bring jobs, international meetings and closer ties with energy investors, though analysts say its success will depend on how quickly it can raise funds and start lending.
- The bank has $5bn authorised capital and is based in Abuja.
- Helmy Ghazi is its first president.
- It aims to help close a $200bn energy investment gap.



