Africa aims to fuel its energy future while creating half a million jobs!
The African Energy Bank (AEB) is set to mobilize $15 billion by 2030 to finance oil and gas projects across Africa, creating over 500,000 direct jobs in the midstream sector, the Association of Petroleum Producers’ Organisation (APPO) has announced.
APPO Secretary-General Farid Ghezali revealed the plan at the 2026 Nigeria International Energy Summit (NIES) in Abuja. The bank, a joint initiative of APPO member states and Afreximbank, will start full operations in June with an initial capital of $5 billion.
The AEB aims to:
Reduce Africa’s reliance on external financing
Unify intra-African oil and gas pricing, potentially saving $1.4 billion annually
Unlock $200 billion for midstream and downstream projects, including AKK Gas Pipeline and Dangote Refinery
Connect African energy projects to global capital markets and private investments
APPO stressed that Africa loses billions yearly by exporting crude and gas instead of adding value locally. Adegbite Falade, IPPG Chairman, urged Nigeria to focus on in-country value creation to grow GDP, streamline bureaucracy, and improve access to long-term capital.
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