New African Energy Bank Targets $10bn Funding for Nigeria, Angola, Libya

The African Energy Bank, led by Farid Ghezali, plans to raise $10 billion to finance energy projects in Nigeria, Angola, and Libya. The bank's primary focus is on supporting upstream, midstream, and downstream projects to enhance energy infrastructure development in Africa.

The initiative aims to unlock stalled projects, attract global investors, and create thousands of jobs while meeting environmental and social governance standards. The bank's long-term vision includes becoming a $212 billion financial hub by 2030, supporting gas transit and broader energy transformation across the continent.

Anibor Kragha emphasized the importance of building resilient domestic oil and gas industries, increasing local refining capacity, and promoting regional trade to reduce exposure to global shocks. Despite concerns about local refineries, such as Dangote Petroleum Refinery, the African Energy Bank aims to catalyze investments in refineries, pipelines, downstream manufacturing, and low-carbon fuel projects.