According to a statement from Afreximbank, the bank was established against the backdrop of Africa’s estimated $200 billion annual energy investment needs, with oil and gas remaining central to the continent’s energy systems despite the global shift towards cleaner energy sources.
The institution aims to bridge the financing gap by supporting projects across the energy value chain, including exploration, production, refining and distribution, while helping African countries pursue a just energy transition.
The bank’s inaugural general meeting, held in Abuja, Nigeria, appointed Helmy Ghazi as its first president and constituted its maiden board of directors.
Nigeria secured the right to host the bank’s headquarters in July 2024 after emerging ahead of competing bids from Ghana, Benin, Algeria, South Africa and Côte d’Ivoire.
Bank targets oil and gas projects across Africa
The establishment follows years of efforts by Afreximbank and APPO to create an African-led financing institution capable of supporting energy projects that have struggled to attract funding from international lenders. This comes as oil and gas investment in Africa fell from $68 billion in 2016 to about $37 billion in 2025.
In February 2025, Reuters reported that the bank was targeting a mid-year launch, with South Africa expressing interest in joining despite not being an APPO member.
APPO currently has 18 member countries, comprising oil and gas-producing nations across Africa. Afreximbank has supported the establishment process and approved a $1.75 billion investment towards the initiative.
The lender has also highlighted its partnerships with more than 700 banks across Africa and its broader network of financial partners as part of efforts to develop a commercially sustainable financing model for the continent’s energy sector.
Source: africa.businessinsider.com
