The African Export-Import Bank (Afreximbank) has pledged to transfer over $14 billion in exposure to the newly established African Energy Bank (AEB), significantly boosting efforts to finance oil and gas projects across the continent.
This announcement was made by Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during the unveiling of the Nigerian pavilion at the 2025 Offshore Technology Conference (OTC) in Houston, Texas.
Minister Lokpobiri emphasised the urgent need to address Africa’s energy poverty, highlighting the continent’s reliance on external funding sources.
He stated that the AEB, a joint initiative between Afreximbank and the African Petroleum Producers Organization (APPO), is designed to provide a pan-African solution to energy financing challenges.
“This is an opportunity to let you know that your concerns are gradually being addressed,” Lokpobiri said. “As members of APPO, we are in partnership with Afreximbank, which during our last meeting disclosed that it has an exposure of nearly $14 billion,” Lokpobiri said.
“This amount, along with an additional $5 billion as the initial take-off capital, will be transferred to the African Energy Bank—bringing the total to over $19 billion,” he added.
The AEB is set to commence operations in Abuja, Nigeria, by June.
Its primary objectives are to finance oil and gas projects while supporting Africa’s gradual shift toward cleaner energy sources.
The bank aims to achieve an asset base of $120 billion by 2030.
APPO’s 18 member countries are each required to contribute a minimum of $83 million, with Nigeria committing $100 million to host the bank’s headquarters.
As of April 3, only 44% of the required funds had been paid.
Minister Lokpobiri also called on other African nations, especially those with investments outside the continent, to support the AEB.
He expressed confidence in U.S. President Donald Trump’s “drill, baby, drill” policy, saying it will help slow down the global “hypocritical”campaign against fossil fuels.
In addition to the multibillion pledge to the AEB, Afreximbank recently launched a new $3 billion facility to finance refining capacity in Africa, aiming to reduce the continent’s $30 billion annual fuel imports.
