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Senegal Approves Payment for African Energy Bank
Senegal has approved its share of payment for the African Energy Bank (AEB), which is expected to be paid before the end of 2025.
Announced by Dr. Omar Farouk Ibrahim, Secretary General for intergovernmental organization the African Petroleum Producers' Organization (APPO) on December 9 at the MSGBC Oil, Gas & Power 2025 conference and exhibition in Dakar, the payment comes as Senegal expands its focus on developing its own energy sector, which includes significant oil and natural gas reserves.
“With this payment, we are getting closer to the development of the African Energy Bank,” Dr. Ibrahim stated.
With an initial capitalization of $5 billion – which is expected to grow to $120 billion within three to five years – the AEB has been established to provide dedicated funding for African energy projects, including oil, gas and renewable energy. Headquartered in Abuja, Nigeria, the AEB has been established by APPO and pan-African financial institution the African Export-Import Bank.
Distributed by APO Group on behalf of Energy Capital & Power.Senegal’s President Faye Opens MSGBC 2025 with Call for African Energy Sovereignty
Senegalese President H.E. Bassirou Diomaye Faye opened the 2025 edition of the MSGBC Oil, Gas & Power conference and exhibition in Dakar today, setting an ambitious tone for regional integration, energy sovereignty and shared prosperity across West Africa's premier energy basin. Marking the fourth edition of the high-level energy gathering, the President underscored the deepening coordination between Mauritania, Senegal, The Gambia, Guinea-Bissau and Guinea-Conakry and called on global investors to recognize Africa as a space of opportunity ready to shape its own energy future.
The President emphasized that the continuity between previous editions in Nouakchott and this year's return to Dakar symbolizes more than geographical proximity – it reflects an increasingly united regional front.
“I would like to address the entire world's investors in these words: Africa is ready,” stated President Faye. “Investing in Africa is not simply about extracting resources. It means contributing to a larger effort, creating jobs for our youth, developing competitive industries and fostering innovations that will shape the continent's future.”
In addition to the President, the opening ceremony for MSGBC Oil, Gas & Power 2025 featured the participation of Dr. Omar Farouk Ibrahim, Secretary General for continental energy organization the African Petroleum Producers' Organization (APPO), who spoke about prioritizing Africa's financial independence. He called on the continent's leaders to develop harmonized centers of excellence in order to promote the skills necessary to promote local capacity building throughout the entire energy value chain.
“I appeal to our leaders to win the African energy industry from undue dependence on foreign players,” Dr. Ibrahim stated, adding, “We need to promote regional centers of excellence for the oil and gas industry.”
Meanwhile, Eng. Mohamed Hamel, Secretary General of the Gas Exporting Countries Forum emphasized how new and upcoming energy projects have the potential to drive a new era of energy prosperity across the MSGBC region. He highlighted the Sangomar oil field – which achieved first oil in 2024 – and the Greater Tortue Ahmeyim LNG development – which achieved first gas in December 2024 – as potential catalysts for energy and economic dependence while stimulating further investment in exploration and production throughout the region.
“This will be a catalyst of broader, inclusive industrialization,” stated Eng. Hamel. “We aim to leverage these resources to strengthen the nation's standing on the global stage.”
Highlighting a historic shift in Africa's economic positioning, the speakers stressed that the era of being merely a supplier of raw materials must be left behind. The MSGBC basin was described not only as a shared geological resource, but as a community whose development must drive inclusive growth, job creation, innovation and stability.
“As we start this MSGBC conference, it's very important that we make investment a cornerstone for the region. This investment is what is going to drive this region to thrive with energy,” NJ Ayuk, Executive Chairman, African Energy Chamber.
The speakers concluded the opening ceremony by urging participants to translate dialogue into decisive action. President Faye called for the 2025 edition of the conference and exhibition to serve as a turning point – one where strong commitment, new partnerships and a reinforced collective vision emerge to propel the continent toward energy autonomy and prosperity.
Distributed by APO Group on behalf of Energy Capital & Power.
