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Our Story: The Birth of Africa’s Energy Sovereign
In the face of global transition and growing calls to abandon fossil fuels, Africa stands at a historic crossroads — rich in natural resources, yet constrained by limited access to capital. For decades, African nations watch as international financial institutions shift focus away from oil and gas investments, tightening the flow of energy finance into a continent where over 600 million people still lack access to electricity.
But Africa is not left behind.
The creation of the Africa Energy Bank (AEB) is a powerful answer to this challenge — a bold, visionary response to the urgent need for energy sovereignty, economic transformation, and resource-driven development. It is more than a bank; it is a continental institution forged in unity, purpose, and ambition — born to finance Africa’s energy future on Africa’s terms.
A Historic Mandate: Why AEB Was Created
The Bank was conceived through a strategic partnership between the African Petroleum Producers’ Organization (APPO) and the African Export-Import Bank (Afreximbank). Together, they identify a pressing need: African countries require a specialized financial institution that mobilizes capital to invest in oil, gas, and new energy infrastructure — especially as international funding dries up.
From the outset, AEB is designed to serve as a financial stronghold dedicated to unlocking Africa’s vast hydrocarbon potential while supporting the continent’s just and inclusive energy transition. Its mission is clear — to fund African energy projects, champion local content, and promote regional industrialization through energy.
Milestones That Shaped the Bank
May 2024
Signing of the MoU for the establishment of the AEB
June 2024
APPO and Afreximbank Sign the Establishment Agreement of the AEB, Declaring it Open for Signature by Prospective Member States
July 2024
Nigeria Secures Hosting Rights: In a competitive and transparent bidding process involving five nations — Ghana, Algeria, South Africa, Benin Republic, and Nigeria — Abuja, Nigeria, emerged as the headquarters of the AEB. The victory was a diplomatic and strategic win for West Africa’s most populous country, backed by robust infrastructure, policy support, and a legacy of oil industry leadership.
October 2024
Funding the Dream: APPO Member States committed to raising $5 billion in seed capital for the Bank. By October, nearly 45% of that capital had been mobilized, a testament to the deep continental belief in AEB’s mission.
December 2024
Entry into force of AEB Treaty following ratification by required number of APPO MC
January 2025
Completion of Headquarters
A Vision Beyond Oil: Financing Africa’s Energy Transition
While rooted in hydrocarbon financing, AEB is forward-looking. The Bank recognizes that Africa’s energy future is multi-dimensional — spanning oil, gas, renewables, and innovations in clean technology. The AEB is structured to finance this entire spectrum, ensuring energy access, affordability, and reliability across the continent.
From natural gas pipelines to modular refineries, renewable hybrid plants to strategic storage, the Bank serves as a dependable partner in building Africa’s energy infrastructure. It aims to support not only extraction, but also value addition, local participation, and technology transfer.
The Road Ahead: From $5 Billion to $120 Billion
The Bank’s ambition does not stop at billion. Within the next three to five years, AEB targets an asset base of billion, unlocking capital for massive infrastructure projects, regional energy corridors, and cross-border trade in energy commodities.
This vision aligns with the African Union’s Agenda 2063, the continent’s blueprint for economic integration and development. AEB does not just fund projects — it fuels prosperity, reduces energy poverty, and empowers African states to take full control of their resources.
A Bank Built for Africa, by Africans
The Africa Energy Bank is more than a financial institution. It is a symbol of African resilience, ingenuity, and sovereignty. It reflects a new era where African solutions are built by Africans, for Africans — tailored to local realities, and driven by an unwavering belief in our collective potential.
As we look to the future, the Africa Energy Bank stands as a beacon — determined, strategic, and proudly African.
