By Boris Esono Nwenfor
The Executive Chairman of the African Energy Chamber (AEC), NJ Ayuk, says Africa’s oil and gas sector will remain resilient in 2026 despite global market uncertainty and ongoing financial constraints facing energy-producing nations. Speaking in an exclusive interview on ARISE News, Ayuk stressed that although “there will be shocks and difficult times,” the industry is poised for increased momentum and investment.
Ayuk had just returned from Cairo, where he attended the Afreximbank Annual Meetings and the leadership transition ceremony from outgoing president Prof Benedict Oramah to incoming president Dr George Elombi. He described the changeover as a proud moment for the continent, proof of African institutions successfully steering their own future.
“We just witnessed something rare in Africa, a transition of power within an African institution,” Ayuk said. “Oramah is a legend. Every time Africa called on him, he said, ‘Send me.’ He elevated an African institution to the pride of the world.”
He praised Oramah’s decade-long legacy of championing African development through energy financing, market advocacy and support for local entrepreneurs, adding that his successor shares an equally ambitious vision.
Elombi’s Bold 7-Point Agenda
Ayuk applauded Dr Elombi’s commitment to strengthening Africa’s extractive and critical minerals sectors, particularly his pledge to support local value addition rather than continued reliance on raw mineral exports.
“It was the first time you saw an African leader basically say we are going to process those minerals here in Africa,” Ayuk said. “We’re going to build the value chain on this continent.”
He pointed to Elombi’s proposed sector-focused intervention fund, which mirrors the African Energy Bank initiative, as a critical step to bridging Africa’s energy financing gap. Though the continent holds vast petroleum and mineral reserves, Ayuk noted that many strategic pipeline and gas developments remain stalled due to limited access to capital.
“Our continent remains the most underexplored and underproduced,” he said. “We need the African Energy Bank, and we need to move fast.”
According to Ayuk, as Western lenders increasingly avoid fossil fuel investments under environmental policies, Africa must secure its own funding mechanisms to drive exploration and infrastructure expansion. He cited refineries, LNG projects and gas-based industrialisation as priorities.
Afreximbank’s Impact on Energy Security
Reflecting on Afreximbank’s support during Oramah’s tenure, Ayuk said the bank took bold positions when others refused. “At a time when everybody said ‘leave it in the ground,’ Afreximbank defied the odds,” he noted. “They backed local entrepreneurs, traders, and the infrastructure needed to secure our own energy future.”
From financing West Africa’s liquefied petroleum gas delivery networks to supporting the Dangote Refinery expansion, Ayuk said the bank helped keep African-led projects on track, contributing directly to job creation and economic stability. “They didn’t just put money behind our industry — they stood up and fought for Africa’s energy,” he added.
Ayuk emphasised Africa’s carefully balanced geopolitical strategy during African Energy Week 2025 in Cape Town, an event he described as a “global convergence” of energy powers. “We had Russia, the U.S., China, the Middle East — everybody was looking at Africa,” he said. “But most importantly, Africans were looking at Africa.”
He stated that partnerships must always align with Africa’s priorities, avoiding entanglement in foreign disputes such as the Russia-Ukraine conflict. “This is not our fight,” he warned. “We will work with anyone who comes with goodwill and helps lift Africans out of poverty.”
Ayuk argued that cooperation with multiple blocs has already helped unlock billions in project investments across Nigeria, Angola, Equatorial Guinea, Mozambique and Namibia. “We are going planet-wise,” he said. “We are going to compete with the best.”
A Focus on Gas and the Energy Transition
The AEC chairman also highlighted the appointment of Nigerian LNG chief executive Philip Mshelbila as the new Secretary General of the Gas Exporting Countries Forum, describing him as “brilliant” and “one of the best we have.”
“He understands the role of natural gas to industrialise Africa and get our people out of energy poverty,” Ayuk said. “He is going to be a great spokesperson for the industry.”
Pushing natural gas development, he said, will be crucial to closing the continent’s energy access gaps, with 600 million Africans still lacking electricity and nearly 900 million without clean cooking.
Ayuk confirmed that the African Energy Chamber will soon publish its 2026 Outlook Report, assessing emerging projects, capital inflows and policy shifts expected to shape the market. However, he urged African governments to adopt pragmatic policies, exercise regulatory restraint and empower indigenous companies, driving the industry forward.
“The fundamentals are strong,” he insisted. “We’re going to see a lot more movement in our energy sector. Superman is not coming. Batman is not coming,” Ayuk said with emphasis. “This is going to be done by us Africans.”
