African Energy Bank Launches $10B Project for Nigeria, Angola, Libya Oil Sectors

The African Energy Bank has revealed a $10 billion project during the 9th Nigeria International Energy Summit in Abuja. Led by Farid Ghezali, the initiative targets Nigeria, Angola, and Libya to boost upstream, midstream, and downstream developments in the oil and gas sector.

The project, spanning until 2030, seeks to address the chronic underinvestment in critical energy infrastructure across the continent. Ghezali emphasized the urgent need to mobilize capital to deepen regional cooperation and unlock stalled projects.

The African Energy Bank's phased approach includes creating a financial hub, promoting local content, and supporting energy transformation. The initiative aims to rewrite the narrative of underutilized resources and high financing costs in Africa, ultimately fostering industrial growth and job creation.