According to Argus Media reports, APPO Secretary General Farid Ghezali acknowledged the repeated delays but explained that the revised timeline reflects administrative realities needed to make the institution fully operational.
“To make the bank operational in September 2026 in view of the incompressible deadlines from an administrative point of view,” he said.
The project, originally expected to commence earlier in the year, has faced multiple shifts—from an initial April target to June, and later to a broader third-quarter expectation—before settling on the September 2026 launch window.
The African Energy Bank was jointly established by the African Petroleum Producers’ Organisation and the African Export-Import Bank to address persistent financing gaps in Africa’s oil, gas, and wider energy sectors. It is designed to counter global funding constraints that have increasingly limited investment in hydrocarbon projects across the continent.
At a recent APPO meeting, Nigeria reaffirmed its readiness to host and operationalise the bank. Key officials, including Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and the Executive Secretary of the Nigerian Content Development and Monitoring Board, Felix Ogbe, participated in the 46th extraordinary ministerial session held virtually. Ogbe also serves on APPO’s executive board, representing Nigeria.
The Nigerian delegation reportedly reiterated that the country is fully prepared for the commencement of operations, signalling continued political backing for the initiative. Despite this, funding challenges have remained a central hurdle, even as authorities confirmed that the proposed headquarters facility in Nigeria is ready.
Ghezali urged member states to fulfil their financial commitments, calling for the release of pledged capital ahead of deadlines.
“APPO members to redeem their pledges towards the $500m start-up capital before the end of June,” he said.
Reports indicate that about 91 percent of the start-up capital has already been secured, with the Nigerian National Petroleum Company Limited and the Nigerian Content Development and Monitoring Board expected to cover the remaining balance.
The African Energy Bank is expected to play a strategic role in reshaping Africa’s energy financing landscape by mobilising private-sector capital for large-scale projects across the continent. According to the Nigerian Content Development and Monitoring Board, the institution will focus on improving access to affordable financing for energy development.
APPO leadership has also outlined ambitious long-term objectives for the bank, including financing 20 to 30 major projects by 2030 across LNG infrastructure, pipelines, refining, and petroleum product terminals. A significant portion of its lending portfolio—about 40 percent—is expected to be directed toward natural gas projects positioned as transition fuels.
The bank is also expected to prioritise projects with strong employment potential, targeting the creation of between 500,000 and 1 million direct and indirect jobs across Africa’s energy value chain.
However, even with the September 2026 launch date, lending operations are not expected to begin immediately. Ghezali noted that actual loan disbursements would only commence toward the end of 2026, extending the timeline before the institution becomes fully functional.