WED APRIL 30 2025-theGBJournal| Dr. Omar Alieu Touray, President of the ECOWAS Commission, recently received in audience Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers’ Organization (APPO), at the ECOWAS Commission Headquarters in Abuja.
The visit focused on advancing strategic cooperation in the energy sector, with particular emphasis on the upcoming launch of the African Energy Bank—an initiative aimed at enhancing Africa’s capacity to finance its oil and gas infrastructure through African-led solutions.
Dr. Ibrahim emphasized the need for the continent to mobilize domestic resources, strengthen energy sovereignty, and reduce reliance on external financing.
In response, President Touray welcomed the initiative and reaffirmed ECOWAS’s readiness to collaborate, stating that “Africa must preserve its right to leverage its resources for development, and institutions like the African Energy Bank are essential to ensuring a just, fair, and sustainable energy transition.”
The Africa Energy Bank was developed jointly by Afreximbank and the African Petroleum Producers Organization (APPO) to tackle major challenges in financing, technology and market reliability, and to accelerate Africa’s oil and gas sector development.
With an initial capital of $5 billion, the bank has allocated $1.5 billion for APPO member countries.
It will primarily finance oil and gas projects, engage in trading and manage risks.
Countries such as Ghana, Nigeria and Angola have already expressed support for the bank’s objectives.
The Republic of Congo has acquired $83.33 million in shares, reinforcing its commitment to the bank’s mission.
Recall that in June 2024 Afreximbank and APPO announced the historic signing of the Establishment Agreement and the Charter of the Africa Energy Bank at a ceremony held at the Ministry of Petroleum and Mineral Resources of the Arab Republic of Egypt.
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