The report, Finance & Investment Industry Insights Volume 1 2026, provides a strategic roadmap for investors, utilities, and policymakers navigating funding of the continent’s infrastructure landscape.

As African economies face macroeconomic stress from global geopolitical volatility and rising energy prices, the need for structural investment is now more urgent than ever.

The publication arrives at a critical juncture, specifically addressing the R3.6 trillion to R4.2 trillion funding gap South Africa must bridge to achieve energy security and Net-Zero commitments by 2050.

“From the analysis in this Volume, there is no doubt that South Africa faces a critical capital ‘hump’ between 2025 and 2030,” notes Nicolette Pombo-van Zyl, Editor-in-Chief.

“Success here depends less on the global availability of money and more on the country’s internal ability to implement regulatory efficiency. However, regardless of closing the funding gap, end users must prepare themselves for higher electricity bills.”

Key Insights from Volume 1 2026:

Electricity market reform and tariffs
The volume provides a deep dive into how shifting to multi-market structures and wholesale trading is reshaping electricity bills. It explores the “tightrope” of achieving grid stability while moving toward cost-reflective tariffs, which in South Africa have already doubled in the last five years.

The evolution of sustainable finance
With the green debt market exceeding $800 billion globally, the publication distinguishes between “Green Finance,” for established solutions, and the emerging “Transition Finance” pillar for hard-to-abate sectors.

Carbon markets as an asset class
Driven by corporate net-zero commitments, the carbon credit market is projected to grow to nearly $24 billion by 2030. The magazine examines how “pricing the invisible” can make marginal projects bankable in emerging markets.

Venture capital & innovation
Despite an “AI shadow” that saw some non-specialist funds pivot away from energy, the report highlights the rise of “patient capital” and a 91% surge in venture debt value to $1.8 billion in 2025.

Critical minerals and “friend-shoring”
Following the 2026 Critical Minerals Ministerial in Washington, the report analyses how new tariffs and strategic supply-chain alliances are redrawing the map for African producers.

“The time of a single electricity provider is ending,” states the publication. “The new system is moving toward a market with more players, more pricing options, and clearer decisions about who pays and how.”

Next investable projects
The volume also features an Investable Project Pipeline, showcasing high-impact initiatives such as the 394,000-hectare Rubeho Mountains Carbon Project in Tanzania, forest restoration in Nigeria, and innovative mineshaft pumped hydro storage in South Africa.

“The common thread through all these insights is a move toward maturity. Whether it is through smarter revenue collection, more nuanced sustainable finance, or using minerals as leverage, Africa is increasingly positioning itself as a strategic, rather than just a reactive, player in the global energy transition,” says Pombo-van Zyl.

Finance & Investment Industry Insights, Volume 1 2026 is now available for download at https://apo-opa.co/4sCPZKi

Italian energy major Eni and other international players have engaged in detailed geological studies across Sierra Leone’s offshore basin, underscoring rising confidence in the country’s hydrocarbon potential. Backed by enhanced 3D seismic reprocessing and basin-wide prospectivity studies, the PDSL is accelerating data-led de-risking efforts to unlock prospects such as Vega and attract fresh upstream capital.

A central focus for investors is the anticipated resumption of offshore drilling in 2026 – the country’s first campaign in nearly a decade. Following the conclusion of its fifth licensing round, which offered 56 offshore blocks, Sierra Leone is preparing to drill new wells targeting an estimated multi-billion-barrel resource base, supported by improved subsurface imaging and strengthened regulatory oversight.

Sierra Leone is also in the final stages of establishing its first state-owned national oil company, which will hold a mandatory 10% carried interest in all exploration licenses. The government is targeting an overall 25–30% participation in projects, balancing national value capture with competitive terms for international operators.

Downstream integration is also gathering pace, with the 105–126 MW Nant gas-to-power plant in Freetown, developed by Anergi Group and TCQ Power, expected to nearly double national generation capacity when it comes online in 2027. In parallel, PDSL is spearheading plans for Sierra Leone’s first refinery to reduce reliance on roughly 15,000 barrels per day of imported refined products.

“PDSL’s participation at AEW 2026 reflects Sierra Leone’s serious commitment to unlocking its offshore potential through transparency, strong fiscal terms and data-driven de-risking,” said NJ Ayuk, Executive Chairman, African Energy Chamber, adding, “Their strategic vision aligns with Africa’s broader push for energy security, industrialization and investor partnership.”

With drilling set to resume, a national oil company nearing launch and integrated gas-to-power and refining projects advancing, Sierra Leone is entering a defining phase. At AEW 2026, PDSL is expected to present a clear message: the basin is open, the data is ready, and the opportunity is real.

Nigeria – Alumina Refinery & Lithium Processing

Nigeria struck a $1.3 billion deal with the Africa Finance Corporation in early March covering three components: construction of a one-million-ton-per-year alumina refinery, a national geoscience mapping program, and a joint investment vehicle to accelerate exploration and production across priority leases. Projected at 95% utilization over 20 years, the refinery is expected to add $1.2 billion to GDP annually and generate approximately $8 billion in foreign exchange earnings over its lifespan.

Separately, a $600 million lithium processing plant in Nasarawa State is at the commissioning stage, backed by ongoing mapping of lithium-bearing pegmatite belts across Kwara, Ekiti and Kaduna states. New mining licenses now require a local processing commitment covering at least 30% of output before export, a condition that directly shapes the investment structures available to foreign partners. Nigeria’s energy minister is among the confirmed delegations at IAE in Paris.

Zambia – Copperbelt Expansion & Cobalt Refinery

Copper output in Zambia is on course to clear one million tons in 2026, supported by First Quantum Minerals’ completed $1.25 billion S3 plant expansion at Kansanshi and Barrick Gold’s $2 billion program to double output at Lumwana by 2028. Several additional projects, including Sinomine’s Kitumba Mine and KoBold Metals’ Mingomba deposit, are also coming online this year, making Zambia one of the few places globally adding significant incremental copper supply in the near term.

Africa’s first cobalt sulfate refinery is targeting commissioning in Zambia in 2026, adding downstream processing capacity alongside the copper ramp-up. The Lobito Corridor, backed by a $553 million US Development Finance Corporation loan for Angola’s Benguela rail link, reduces export costs across the Copperbelt and improves project bankability for both mines and processing facilities seeking long-term offtake commitments.

Senegal – Falémé Integrated Iron Project

Senegal’s Falémé iron district in the Kédougou region holds over 600 million tons of probable reserves, including oxide ore at around 59% iron content and primary magnetite at roughly 45% Fe. The government launched the Falémé Integrated Iron Project as a phased program targeting 15 to 25 million tons per year at peak output, with national iron ore company MIFERSO conducting ongoing reserve verification.

The mineral export port at Bargny is operational and rail rehabilitation linking Kédougou to the coast is progressing under the Emerging Senegal Plan. The project is actively seeking a technical development partner. With port and rail infrastructure advancing independent of any single mining operator, Falémé carries lower logistics risk than comparable iron ore projects requiring greenfield corridor construction, which affects how financiers assess project bankability and timelines to first revenue.

Equatorial Guinea – Rio Muni Mineral Exploration

Equatorial Guinea’s Rio Muni mainland offers early-stage exposure to gold, bauxite, base metals, coltan and iron ore across largely underexplored onshore territory. The Ministry of Mines and Hydrocarbons has been opening the sector since its first public tender in 2019, with exploration contracts now in place and state geological mapping advancing in partnership with Rosgeo. Minister Antonio Oburu Ondo will address investors at IAE, with the minerals program expected to feature in bilateral meetings.

Uganda – Rare Earths & Minerals Sector Opening

Uganda holds rare earth deposits in ionic adsorption clay formations — a deposit type the IEA has flagged for low capital intensity relative to hard rock alternatives — alongside gold mineralization across greenstone belts in the West Nile, Karamoja and Mubende regions. The Uganda Chamber of Energy and Minerals, with both its CEO and governing council chairperson confirmed for Paris, will serve as the primary interface for investors seeking access to Uganda’s licensing framework and project pipeline, at the same time as the country’s Tilenga and Kingfisher oil developments move toward first oil.