Afreximbank Director of Regional Operations Peter Owolononi made the assessment during the “Closing the Gap” roundtable – powered by Banco Sol – at Angola Oil and Gas (AOG) 2026 in Luanda on September 10. The session focused on the financing landscape for local companies and the role of banks in expanding their participation in the oil and gas sector.

“The role of Afreximbank is to work together with local banks to see how we can capitalize and structure deals,” he said, adding that the bank “strives to do more.”

Owolononi said that Afreximbank’s exposure in Angola has reached $5 billion, reflecting the bank’s expanding role in financing the country’s energy and industrial projects. Its support includes a $1.75 billion syndicated receivables purchase facility for Sonangol, $1.4 billion in debt financing for a fertilizer plant in Soyo and a $335 million project financing facility for the first phase of the Cabinda refinery.

For local bank Banco Sol, building financing capacity is becoming central to its energy strategy. President of the Executive Committee Osvaldo Lemos Macacia said the bank, with total assets of around $1 billion, has made oil and gas a focus as it supports clients ranging from smaller businesses to major companies.

Contract-backed financing offers another potential route into the sector. Banco BCS Executive Director Odyle Cardoso said long investment cycles require funding structures adapted to companies’ circumstances, adding, “if a company has a contract, we try to understand how it can be leveraged.”

Meanwhile, ANPG is working to ensure domestic companies can absorb that capital and compete for opportunities. Local Content Coordinator Maura Nunes pointed to capacity-building partnerships, including with Standard Bank, designed to ensure companies are “more bankable.”

The financing gap extends beyond individual companies’ access to capital. Banco BAI Executive Board Member Inokcelina Carvalho said oil and gas “has not been well-exposed to financing operations,” although the bank believes “we have the potential to do it.”

The participation banks emphasized further room to expand financing across the sector, with BFA Board Member José Nascimento saying banks are “doing much better” financing energy projects but need to “move to the next phase.” For his part, Standard Bank Angola’s Fernando Chivinda said the bank continues to consider “small companies.”

Development finance could widen the pool further, with DFC Africa Investment Advisor Jacob Flewelling saying its energy-sector activity in Angola will increase, with financing programs offering “flexible terms” to eligible companies.

As the national oil company marks its 50th anniversary, Sonangol Director of Planning and Management Control Edson Pongolola said it has “a very good relationship with banks” and wants to catalyze more opportunities across local content.

For Poliedro Energy, the objective is to bring more capital to domestic energy development. Chairman Ulanga Gaspar Martins said the company wants a national strategy focused on growth while “bringing capital directly into the sector.”