The Nigerian government, in collaboration with Afreximbank, is due to launch the Africa Energy Bank, which will have its headquarters in Abuja, Federal Capital Territory (FCT).
President Bola Ahmed Tinubu (PBAT) disclosed this while presenting a keynote address at the 32nd Afreximbank annual meeting, which was held in Abuja on June 27. Sen George Akume, Secretary to the Government of the Federation (SGF), represented the president.
According to the President, US$5 billion will be invested in initial capital to finance Africa’s energy transition while leveraging gas, renewables, and clean technologies.
“Nigeria’s collaboration with Afreximbank is expanding in both scope and ambition. Together, we are launching the Africa Energy Bank, headquartered in Abuja, with US$5 billion in initial capital to finance Africa’s energy transition—leveraging gas, renewables, and clean technologies.
“We are scaling our fertiliser sector to 7.5 million tonnes annually, supported by Afreximbank, positioning Nigeria as Africa’s fertiliser hub and ensuring food security for the continent. Meanwhile, transformative projects such as the US$3.5 billion Bakassi Deep Seaport enhance trade infrastructure and market access.
“Through platforms like FEDA, AQAC, CANEX, and PAPSS, our partnership with Afreximbank is not just about financing. It’s about fostering African entrepreneurship, elevating quality standards, and scaling SMEs in creative and export-driven industries.
“Afreximbank is a strategic partner in co-creating the institutions, infrastructure, and innovations that will define Africa’s economic future.
“As the world becomes increasingly fragmented—with rising protectionism and shifting trade dynamics—Africa must double down on its institutions and capabilities. Afreximbank, backed by committed member states, must remain agile, bold, and grounded in African realities,” the president said.
He concluded that the world will not wait for Africa, asserting that only “a united and purposeful Africa can define its destiny.”
