AEC’s Ayukegba Touts Africa’s Energy Revolution In Geneva
February 22, 2025
By Adonis Byemelwa
The need for power is not just about economic growth—it’s about improving lives, creating jobs, and building a future where energy is a driver of development rather than a barrier , says AEC Snr VP Ayukegba
On 21 February 2025, the African Energy Chamber kicked off its inaugural investment breakfast in Geneva, drawing a heavyweight crowd of European investors, financiers, and commodity traders. According to Verner Ayukegba, Senior Vice President at the African Energy Chamber, the event reinforced Geneva’s role as a global powerhouse for energy and commodities, providing a crucial platform for discussing Africa’s energy future.
The discussions zeroed in on Africa’s rapidly expanding energy markets, the rising demand for oil and gas, and the strategic shifts shaping the sector. Ayukegba highlighted how Africa’s booming population, urban expansion, and accelerating economic growth—driven by countries like Nigeria, Ethiopia, and Tanzania—are transforming the continent into a key battleground for global energy players.
With a young, increasingly urban population demanding more electricity, employment opportunities, and infrastructure, the energy sector must keep pace. “The need for power is not just about economic growth—it’s about improving lives, creating jobs, and building a future where energy is a driver of development rather than a barrier,” Ayukegba noted.
The event reinforced Geneva’s role as a global powerhouse for energy and commodities, providing a crucial platform for discussing Africa’s energy future.
The challenge now is ensuring Africa can harness its vast resources efficiently while reducing costs and boosting investment in sustainable energy solutions.
Industry experts from S&P Global Commodity Insights provided key insights into Africa’s role in the changing energy landscape. With the Dangote refinery poised to make Nigeria a net exporter of gasoline in 2025, the country is on the brink of a transformative shift.
At the same time, major refinery closures in North America and Europe—forecasted to remove over three million barrels per day of refining capacity by 2030—are reshaping global supply chains.
“This is an incredibly interesting time for Africa. The continent is becoming a major target for exporters, with the Middle East’s national oil companies aggressively acquiring retail and refining assets to cement their presence,” noted Tanya Stepanova, Associate Director at S&P Global Commodity Insights.
The Dangote refinery’s rise is already making waves, reducing Nigeria’s dependency on European fuel imports while simultaneously supplying jet fuel to Saudi Aramco and naphtha to Asian markets and Togo’s Lomé hub.
Other refinery developments are also underway, including a newly approved 10,000-barrel-per-day refinery in Delta State and plans to restart operations at Warri and Port Harcourt. These moves signal Nigeria’s determination to secure energy independence and unlock new economic opportunities.
Further south, South Africa faces a starkly different reality. With refinery closures mounting, the country must make urgent decisions about its fuel supply future. As Middle Eastern players consider acquiring Shell South Africa’s downstream assets, the nation must choose between embracing a trader-dominated market or securing a more self-reliant refining industry. “For South Africa, this isn’t just about economics—it’s about securing long-term energy stability,” Stepanova stressed.
Africa’s liquefied natural gas (LNG) sector is also drawing global interest. The U.S. is ramping up LNG exports to Europe, creating a competitive landscape for emerging African suppliers. Mozambique, in particular, is in the spotlight, with ExxonMobil expected to reach a Final Investment Decision on its Rovuma LNG project by 2026. TotalEnergies’ Mozambique LNG project, meanwhile, is attracting investment in the billions, positioning the country as a key player in the global LNG market.
“The demand for LNG is undeniable, but long-term commitments from off-takers will be critical,” said the Senior Vice President at the African Energy Chamber. “ExxonMobil has reaffirmed Mozambique’s importance within its global portfolio, and a Final Investment Decision in 2026 will be a game-changer.”
Financing remains a critical factor in Africa’s energy future. With international banks retreating from fossil fuel investments, the landscape is shifting. Major players with strong balance sheets continue to dominate upstream exploration, yet traders are increasingly stepping in as financiers.
Ayukegba enthused the attentive audience on how Africa’s booming population, urban expansion, and accelerating economic growth—driven by countries like Nigeria, Ethiopia, and Tanzania—are transforming the continent into a key battleground for global energy players.
“For infill drilling, traders are now playing a significant role, financing projects off the back of existing reserves,” Ayukegba noted. “We expect this trend to grow over the next two to four years.”
As Africa positions itself as a global energy champion, the upcoming African Energy Week (AEW) in Cape Town from 29 September to 3 October is set to be a defining moment. Building on past successes, AEW remains the premier platform for high-stakes deal-making, investment discussions, and transformative partnerships in the energy sector. The momentum is building, and Africa’s energy landscape is evolving faster than ever.
The continent’s energy ambitions are capturing global attention, fuelled by rapid urbanization, economic growth, and an urgent power demand. With strategic investments and bold initiatives, Africa is positioning itself as a formidable player in the global energy landscape, reshaping the future of industry and trade.
