Plans for the proposed African Energy Bank moved closer to reality as Nigeria’s state oil company and one of Africa’s leading multilateral financial institutions reaffirmed their commitment to the initiative, signalling a united front against shrinking global financing for the continent’s hydrocarbon sector.
The African Energy Bank, expected to be headquartered in Abuja, was a central focus of high-level talks between NNPC Group Chief Executive Officer Bashir Ojulari and Afreximbank President and Chairman of the Board of Directors George Elombi. The bank is widely regarded as a direct response to the retreat of international capital from African oil and gas projects amid mounting pressure on fossil fuel investment globally.
NNPC used the occasion to reaffirm its backing for the initiative, positioning the proposed institution as a critical instrument for mobilising indigenous African capital at a time when traditional Western financiers are pulling back from hydrocarbon investments on the continent.
The meeting, held in Abuja, also marked a broader expansion of the strategic partnership between the Nigerian National Petroleum Company Limited and the African Export-Import Bank, with both institutions agreeing to deepen collaboration across energy financing, oil and gas infrastructure development, and investment mobilisation.
Afreximbank pledged continued financial support for NNPC’s growth plans through structured financing arrangements, refinancing support and risk-sharing mechanisms designed to unlock investment across Nigeria’s oil and gas value chain. The discussions further spotlighted NNPC’s “Enterprise First” strategy — a corporate transformation framework aimed at repositioning the national oil company as a commercially competitive, performance-driven energy enterprise.
Both parties aligned on a shared vision for Africa’s energy future built around energy security, industrialisation and regional economic integration. They agreed to hold periodic strategic engagements, with the first session expected before the end of the year.