Following the Invest in African Energy Forum in Paris this month, the African Energy Chamber (AEC) reaffirms its position that Africa’s energy future must be defined by pragmatism, partnership and progress. With 600 million Africans lacking access to electricity and 900 million without clean cooking fuel, the development imperative is clear: without investment there can be no progress.
The Forum highlighted bold investments underway across the continent — from ExxonMobil’s $10 billion plans in Nigeria, to TotalEnergies’ multibillion-dollar ventures in Mozambique and Namibia, and Eni’s gas monetization projects in Libya and the Republic of Congo. These initiatives reflect growing confidence in Africa’s energy potential. But to replicate and scale these endeavors, barriers to investment must be addressed head-on.
Many energy projects remain stranded due to delayed approvals, opaque regulatory processes and high above-ground risk. Yet several countries are making strides: Nigeria’s Petroleum Industry Act has improved clarity for investors; Angola’s new local content regulations strike a better balance between incentives and domestic value creation; and Ghana’s tax amendments are making upstream projects more attractive.
Still, finance remains the sector’s greatest bottleneck. Rising global interest rates, tightening lending conditions and restrictive green finance taxonomies are making it harder for African governments and companies to access affordable capital. The Declaration calls for a rethinking of what qualifies as sustainable investment — one that includes natural gas as a viable transition fuel and recognizes the social dividends of energy access.
Mobilizing finance will require a coordinated effort. African governments must lead by improving credit profiles, ensuring policy consistency and creating bankable project environments. Private-sector-led energy systems — driven by independent producers and not solely dependent on sovereign guarantees — offer a more resilient path to investment. Innovative financial instruments and local capital markets must also play a greater role.
Ultimately, energy is not a privilege. It is a foundation for health, education, economic participation and human dignity. As the global energy conversation continues, Africa’s development cannot be dictated by external climate agendas. The AEC’s Declaration makes clear: Africa must lead its own energy transition, and that transition must be financed on its own terms.
