The African Energy Bank (AEB), headquartered in Abuja with an initial capitalization of $5 billion, is projected to unlock up to $200 billion in midstream and downstream investments by 2030.
This was contained in a c issued at the end of the 2026 Nigeria International Energy Summit (NIES), held in Abuja.
African Energy Bank is a joint initiative of APPO member states and the African Export-Import Bank (Afreximbank), established with an initial capital of $5billion.
Its core mandate is to mobilize domestic and regional capital for energy infrastructure, reduce Africa’s reliance on external financing, and align energy investments with the continent’s long-term development and industrialization goals.
According to the Communiqué, at the Summit, financing and Infrastructure Development Participants identified high financing costs as a critical barrier to energy project development in Africa.
The Summit emphasized the need for increased private sector involvement and improved project bankability to address the continent’s infrastructure gap.
The Summit reaffirmed the collective resolve to harness Africa’s energy resources as instruments of economic growth and regional stability.
It said emphasis was placed on energy sovereignty, prioritizing domestic value chains over crude exports.
The Abuja Pact was formally endorsed, underscoring a commitment to fully operationalize the African Energy Bank by mid-2026 as a vehicle for enhancing intra-African energy trade and reducing external dependencies.
On Policy, Regulatory, and Fiscal Reforms, participants at the Summit said the implementation of the Petroleum Industry Act (PIA), complemented by executive actions, has strengthened investor confidence. Stakeholders advocated for further regulatory streamlining and legislative support to deepen local content participation and enhance sectoral competitiveness.
Communiqué revealed that Nigeria’s aspiration to become the refining hub of the Gulf of Guinea was lauded as a model for regional downstream integration. Adding that the Summit endorsed increased in-country refining capacity and cross-border gas infrastructure projects as key drivers of job creation, export diversification, and economic resilience.
It also mentioned that the revitalization of Nigeria’s pipeline infrastructure, diversification of the energy mix, and enforcement of transparent market governance were highlighted as essential pillars. Noting that Delegates stressed the need for credible market data, predictable pricing frameworks, and independent regulatory oversight to promote investor confidence and ensure competitive fairness.
Nigeria’s emergence as a regional energy hub was linked to the fulfillment of domestic energy supply obligations, support for neighbouring countries, and the enforcement of international fuel quality standards.
