The G20 Africa Energy Investment Forum — hosted by the African Energy Chamber (AEC) (https://EnergyChamber.org/) — opened with calls for Africa to leverage its pension funds to address the continent’s growing infrastructure investment deficit.  

NJ Ayuk, the Executive Chairman of the AEC, stressed that with global financial systems deprioritizing Africa’s industrialization, the continent must look inward. 

“Millions of Africans still lack access to reliable energy — and that is a human rights issue,” Ayuk said. “We need more than $15 billion in refinery investment alone. We cannot continue relying on external actors. Africa sits on $400 billion in pension funds, and we must channel this capital into closing the energy deficit and giving Africans a real fighting chance. Whether it is renewables or oil, it’s time to innovate and get energy to the people.” 

He also underscored the importance of youth empowerment in driving Africa’s energy future. 

“It starts with forums like this,” he noted. “We must protect investments, embrace our oil, gas and renewable resources, and industrialize. The opportunities we create should empower young people. It is time to pass the torch so they can lead and scale our progress.” 

He added that while wealthy nations focus on decarbonizing, the use of pension funds will enable Africa to industrialize. 

Echoing Ayuk’s remarks, Nardos Bekele-Thomas, CEO of the African Union Development Agency (AUDA-NEPAD), highlighted the scale of untapped domestic capital available to accelerate energy and infrastructure development. 

“By optimizing the balance sheets of existing portfolios, governments can unlock billions without turning to external financing,” she said. “African pension funds hold $1.5 trillion in assets under management. We are working to channel even a fraction of this domestic capital into African infrastructure.”