Time To Reframe The Narrative And Showcase Africa’s Potential As A Global Energy Leader-NJ Ayuk
April 04, 2025
By Ajong Mbapndah L
By working together, we can unlock Africa's energy potential and create a brighter future for all Africans, says NJ Ayuk
For the African Energy Chamber -AEC and its Executive Chairman NJ Ayuk, there is no turning back in the crusade for African Energy independence. With high profile events in Suriname, London, Saudi Arabia, Brazil, Congo, and China within the first quarter of 2025, the AEC is resolute in ensuring that the African energy sector gets the attention and investment it deserves.
“It's time to reframe the narrative and showcase Africa's potential as a global energy leader. We're not just talking about fossil fuels; we're also embracing renewable energy and innovative technologies that will power our future. By working together, we can unlock Africa's energy potential and create a brighter future for all Africans,” says NJ Ayuk in interview with PAV on the energy landscape in Africa.
Proudly unapologetic about the drill and invest message touted by the AEC and its teeming and growing followers, NJ Ayuk says the international engagements are driven by a clear message: Africa has the sovereign right to develop its energy resources to eradicate poverty and foster economic growth.
The efforts have yielded tangible results says NJ Ayuk, citing increased foreign direct investments, technology transfer to African energy projects, and recent collaborations with Tima Networks to create a $100 million fund as testaments to global commitments to Africa’s energy future.
With the African Energy Week reaching the hugely symbolic milestone this year, NJ Ayuk says the 2025 edition promises to be the largest and most impactful yet, featuring high-level discussions on investment strategies for the continent. The event will also showcase cutting-edge solutions through exhibitions and provide networking opportunities to foster collaborations that drive Africa's energy agenda forward
“We are driving momentum in Africa's energy sector with significant strides made in securing financing for energy projects. We are optimistic about the prospects for investment in Africa's energy sector, hoping to see deals in excess of $25 billion. A solid partnership has been forged with S&P Global Commodity Insights, Afreximbank and the South African government – with plans to engage the G20 to leverage their expertise and resources in support of Africa's energy development,” says NJ Ayuk.
How would you sum up the African energy scene as we hit the first quarter of 2025?
As we enter 2025, Africa's energy sector stands at a pivotal crossroads. The continent is actively balancing the development of its abundant fossil fuel resources with a growing commitment to renewable energy initiatives. Milestones achieved in 2024 have set the continent up for accelerated growth in 2025. We saw African capital expenditure grow 23% in 2024, reaching $47 billion. Expenditure is on track to surge to $54 billion by 2030.
We saw a rise in offshore and onshore drilling, with rig demand expected to increase to 46 rig years in 2025. Exploration continues to rise, surpassing $6 billion in 2024, while various licensing rounds will be launched across the continent.
Concurrently, investments in green hydrogen, power infrastructure and new technologies took off, but much more investment is needed to unlock the full potential of the continent’s resources.
The AEC under your leadership has been hyperactive on the international scene with high profile activities in Suriname, Brazil, Saudi Arabia, London, China, and more. Can you re-emphasize the message you have taken to these forums and the impact or results for the energy landscape in Africa?
Drill, baby drill. Invest, baby, invest. Our international engagements are driven by a clear message: Africa has the sovereign right to develop its energy resources to eradicate poverty and foster economic growth. In forums across Suriname, Brazil, London and China, we've advocated for strategic partnerships that respect Africa's unique energy context.
These efforts have yielded tangible results, including increased foreign direct investment and technology transfer to African energy projects. Notably, collaborations with Tima Networks to create a $100 million fund are a testament to the global commitment to Africa’s energy future.
Africa has the sovereign right to develop its energy resources to eradicate poverty and foster economic growth, says NJ Ayuk
In the face of the rocky patch it went through politically last year, the AEC remained resolute in calling on investors not to give up on Mozambique. What made the Chamber think the country should remain a safe bet?
Mozambique's vast natural gas reserves position it as a cornerstone for Africa's energy future. Despite political challenges in Mozambique, the AEC has remained steadfast in advocating for continued investment in the country.
Our confidence is bolstered by the U.S. Export-Import Bank's re-authorization of a $4.7 billion loan for Mozambique's LNG project, reflecting international trust in its potential. We believe that with strategic partnerships and a focus on local participation, Mozambique's energy sector can drive significant economic growth and contribute to regional energy security.
You and the AEC were very bullish last year on energy financing for Africa, may we know what progress you have seen on this front?
Africa's energy sector has made significant strides in securing financing. The AEC has endorsed the Africa Energy Bank, a joint initiative by Afreximbank and the African Petroleum Producers' Organization. With initial capital of $5 billion, the bank will mobilize investments for energy projects, bridging the financing gap and unlocking Africa's energy potential.
Meanwhile, our efforts to challenge discriminatory banking practices are yielding results. We've signed a $100 million agreement in China to establish a fund and plan to take on radical Western NGOs, such as Extinction Rebellion, Just Stop Oil, Friends of the Earth, and Greenpeace, that oppose African development and hinder our efforts to alleviate energy poverty.
The African Energy Week will hit a historical milestone this year with its 5th edition, what does this mean for you and the folks at the AEC, and could you give us some privileged insights on how the Sept 29-Oct 4th event will look like?
We are driving momentum in Africa's energy sector with significant strides made in securing financing for energy projects. We are optimistic about the prospects for investment in Africa's energy sector, hoping to see deals in excess of $25 billion.
A solid partnership has been forged with S&P Global Commodity Insights, Afreximbank and the South African government – with plans to engage the G20 to leverage their expertise and resources in support of Africa's energy development.
African Energy Week: Invest in African Energies has established itself as the premier event for Africa's energy sector. The 2025 edition promises to be the largest and most impactful yet, featuring high-level discussions on investment strategies for the continent. The event will also showcase cutting-edge solutions through exhibitions and provide networking opportunities to foster collaborations that drive Africa's energy agenda forward.
A key highlight of this year's event is the inaugural National Oil Company and International Oil Company Forum. This dynamic platform brings together key public and private sector stakeholders for direct conversations aimed at driving investment, securing new deals, fostering local capacity building and advancing exploration. African Energy Week remains a vital catalyst for the continent's energy growth and development.
It's time to reframe the narrative and showcase Africa's potential as a global energy leader, says Ayuk
Could you share some of the palpable progress and impact that the AEW has had in changing the energy fortunes of the continent?
AEW: Invest in African Energies is a pivotal platform for catalyzing change within Africa's energy sector. By bringing together key stakeholders, the event has facilitated strategic partnerships, leading to increased investments and the initiation of transformative projects across the continent.
Notably, discussions and collaborations fostered during AEW have contributed to greater engagement across the sector, leading to new projects, investment commitments and collaborations. Million-dollar deals are signed at every edition, highlighting the value of the event as a dealmaking platform in Africa. The event has also been instrumental in promoting policy dialogues that align with Africa's unique energy needs, balancing development with sustainability.
We are giving a platform to frontier explorers bringing money into African Energy. Africans are driving the narrative about our energy future. By empowering local stakeholders and promoting African-led solutions AEW is shaping the continent's energy destiny and ensuring that Africa's energy resources are utilized for the benefit of African people.
How is the Trump Administration’s approach to energy issues affecting the outlook in Africa and investment ties with the USA?
President Donald Trump, Chris Wright, Tommy Joyce and many others have demonstrated their support for Africa and its energy sector. Chris Wright, in particular, has been a passionate advocate for Africa, emphasizing the importance of investments and empowerment over aid and handouts.
As the newly appointed US Secretary of Energy, Wright is expected to play a key role in shaping America's energy policy. His stance on energy aligns with Trump's vision, which prioritizes utilizing all forms of energy to drive growth and development.
President Trump has expressed his commitment to supporting Africa's energy sector, recognizing the continent's vast potential for energy production. By promoting investment and partnerships Trump aims to help Africa overcome energy poverty and unlock its economic potential.
The Trump Administration's support for African energy initiatives has positively influenced the continent's energy outlook. The U.S. Export-Import Bank's re-authorization of a $4.7 billion loan for Mozambique's LNG project exemplifies this commitment. Such backing not only bolsters investor confidence but also strengthens U.S.-Africa energy ties, paving the way for increased collaboration and investment in Africa's burgeoning energy sector.
The AEC recently took the unprecedented step of hiring a lobbying firm in Washington, DC. May we know the logic behind this move, and what is the sales pitch the Chamber is making to American investors?
To amplify Africa's energy narrative on the global stage, the AEC has partnered with Stryk Global Diplomacy, a Washington, DC-based consulting firm. This collaboration aims to enhance U.S. engagement in Africa's oil and gas sector by articulating the continent's energy potential and investment opportunities.
Our message is clear: come to Africa, invest in projects and forge partnerships that unlock value for both the African and American continents.
It's time for a new era of African leadership, one that takes charge and shapes the continent's energy future. We can't afford to ignore the influence of Washington, so we're taking proactive steps to engage and educate policymakers about Africa's energy sector.
Our generation of Africans must shed the victim mindset and reject the soft bigotry of low expectations. We're not just recipients of aid; we're drivers of growth and development. By using lobbying firms to tell our story, we're ensuring that Africa's energy sector gets the attention and investment it deserves.
It's time to reframe the narrative and showcase Africa's potential as a global energy leader. We're not just talking about fossil fuels; we're also embracing renewable energy and innovative technologies that will power our future. By working together, we can unlock Africa's energy potential and create a brighter future for all Africans.
Prof Oramah's departure from Afreximbank marks the end of a significant era, but his legacy will undoubtedly continue to influence Africa's energy development trajectory, say NJ Ayuk
As you and then AEC work relentlessly to draw investors and articulate African energy issues, may we know the kind of support you are getting from African governments? Are the governments showing enough political will for things to evolve from investment climates, to putting resources or proceeds at the service of development?
African governments are increasingly demonstrating political will to enhance the continent's energy landscape. Major reforms are being implemented in Nigeria, with the signing into law of the Petroleum Industry Act; in the Republic of Congo, with the upcoming launch of a new Gas Code and Gas Master Plan; South Africa, with the establishment of a new national oil company; and many more.
Additionally, countries such as Djibouti have established sovereign wealth funds to invest in energy infrastructure, aiming to double assets within a decade. Uganda and Tanzania’s NOCs have also committed millions to the development of the East African Crude Oil Pipeline, showcasing a drive to partnering with international firms in realizing major projects.
As Prof Benedict Oramah steps down at the helm of Afreximbank, any word on his contributions in the growth of the African energy sector?
Professor Benedict Oramah is a titan of African development, standing shoulder-to-shoulder with legends like Kwame Nkrumah and Nelson Mandela. As a champion of African growth, he's been a driving force behind the continent's rise, earning global respect and admiration. Under his leadership, Afreximbank has become a beacon of African excellence, an institution that the world holds in high esteem.
His legacy is a testament to his unwavering dedication to African development. He has fought tirelessly for the continent's interests, paving the way for future generations to build upon his accomplishments. As he passes the torch, there's no doubt that his impact will continue to be felt, inspiring a new wave of leaders to carry the mantle of African growth and development.
Oramah's tenure as President of Afreximbank has been transformative for Africa's energy sector. Under his leadership, the bank facilitated billions of dollars in financing for energy projects, notably launching the Africa Energy Bank in 2024. His visionary approach earned him the Mohammed S. Barkindo Lifetime Achievement Award in 2024 at AEW, recognizing his dedication to advancing energy access and economic empowerment in Africa. His departure marks the end of a significant era, but his legacy will undoubtedly continue to influence Africa's energy development trajectory.
