OPEC Urged to Champion Africa’s Access to Fossil Fuel Financing

The African Energy Chamber (AEC) is calling on OPEC member states and their allies to take a strong stance against global restrictions on fossil fuel financing and advocate for Africa’s right to develop its oil and gas resources. Speaking ahead of the 9th OPEC International Seminar in Vienna, the AEC stressed the urgent need to restore upstream investment opportunities, arguing that current financial barriers are obstructing the continent’s industrial growth and efforts to reduce poverty.

According to the Chamber, Africa has been disproportionately affected by inconsistent global energy policies. While developed countries continue to channel significant public and private investments into natural gas to secure their own energy supplies, international financial institutions have imposed broad bans on funding oil and gas development, particularly affecting African nations. In 2019, the European Investment Bank announced it would halt fossil fuel financing by 2021—a stance adopted by multiple European agencies. The World Bank has similarly phased out support for upstream fossil fuel projects, leaving African economies without the capital needed to leverage their natural resources.

Despite these restrictions abroad, European countries have granted themselves exemptions. Under the European Union’s 2022 Taxonomy for Sustainable Activities, natural gas and nuclear energy are classified as “transitional” fuels, enabling continued funding within the bloc. The AEC criticized this double standard, noting that what is deemed essential for energy security in Europe is being denied to African nations such as Nigeria or Senegal.

Africa currently holds over 125 billion barrels of proven oil reserves and more than 620 trillion cubic feet of natural gas. Yet over 600 million Africans lack access to electricity, while around 900 million have no access to clean cooking fuels. The Chamber argues that, under these conditions, investment in oil and gas infrastructure is critical for economic development, job creation, and energy security.

“Africa needs to drill, baby, drill,” said NJ Ayuk, Executive Chairman of the AEC. “Denying fossil fuel investment is denying economic justice, food security and a pathway out of poverty for millions. No country has developed solely through renewables. OPEC members must pressure institutions like the World Bank to lift their financing bans and support Africa’s right to industrialize.”

During the OPEC Seminar, the AEC presented three key financial priorities. First, it called on OPEC members to lobby multilateral lenders such as the World Bank to reverse their restrictions on oil and gas financing. With early indications of a potential policy shift at the Bank, the Chamber argued that now is the time to push for change that centers energy access in the Global South.

Second, the Chamber proposed the creation of an OPEC-led investment fund supported by sovereign wealth resources to finance upstream projects in underfunded regions like Africa. Such a facility, it argued, could unlock capital for commercially viable projects while contributing to global supply stability.

Finally, the AEC advocated for a realistic, dual-track energy transition strategy that acknowledges the differing needs of developed and developing regions. While wealthier countries may accelerate decarbonization efforts, Africa must prioritize economic growth and reliable energy supply. In this context, natural gas is positioned as a critical transition fuel capable of supporting manufacturing, fertilizer production, petrochemicals, and regional power generation.

The Chamber emphasized that genuine climate justice must incorporate energy justice—ensuring African countries have the autonomy and capital to utilize their resources responsibly. “Africa does not need charity; it needs investment,” the AEC affirmed, urging OPEC and global financial institutions to support the continent’s development agenda.