Hot SourceAPPO chief says enough capital raised to begin AEB operations
Emmanuel Addeh in Abuja
The inaugural Africa Energy Investment Summit (AEInvest2025) held in New York, United States, has marked a defining moment in Africa’s journey toward energy sovereignty, industrialisation, and sustainable growth.
Timed strategically to coincide with the United Nations General Assembly (UNGA), the landmark gathering brought together African energy ministers, investors, financiers, and global energy stakeholders to position Africa as a central player in the global energy transition, a statement by the organisers said.
Secretary General of the African Petroleum Producers’ Organisation (APPO), Farouk Ibrahim, initiator of the summit, spoke on why the event was held inNew York and not in Africa.
“ (This is) because UNGA brings all our leaders and investors together, making it the ideal platform to connect, engage, and unlock funding for Africa’s energy future,” he stated.
Ibrahim painted a vivid picture of Africa’s energy paradox — a continent rich in oil, gas, and renewable potential, yet home to over 600 million people without access to electricity.
“Seventy-five per cent of our oil and 45 per cent of our gas are exported, while a billion Africans lack access to modern energy. But the narrative is changing. Three years after we began the African Energy Bank (AEB) initiative, I am proud to say it is now a legal entity. Member countries have deposited equity, the charter has been signed and ratified, and we have raised enough capital to begin operations,” he added.
The African Energy Bank, he emphasised, symbolises Africa’s collective determination to finance its own development and reduce dependence on external lenders.
Also speaking, Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), during a panel session underscored Africa’s renewed confidence and the resurgence of investment in the continent’s energy sector.
“Nigeria’s production rose from 1 million to 1.8 million barrels per day, and our goal is 2.5 million bpd. American companies are already showing strong interest in investing in Nigerian oil blocks,” he said.
Making a strong case for continued investment in fossil fuel in Africa, Lokpobiri said that “Africa must not be deceived into abandoning fossil fuels while the West continues to expand production. Our hydrocarbons will finance our transition — not charity, not aid.”
Representing Teodoro Nguema Obiang Mangue, Vice President of Equatorial Guinea, Antonio Oburu Ondo, Minister of Hydrocarbon Mining Development, called for urgent action to reclaim control over Africa’s energy destiny.
“Africa holds 40 per cent of the world’s natural resource discoveries yet remains at the mercy of financiers in London, Paris, and New York. Energy finance is a question of sovereignty. We must build the African Energy Bank, mobilse our sovereign wealth and pension funds, and secure Africa’s rightful place as a global energy leader,” he said.
Besides, James Shindi, CEO of Brevity Anderson, producers of #AEInvest2025, affirmed that the New York gathering was only the beginning. “This is the first in a series and we will be back next year, even bigger and better,” he said.
