…Calls on international oil players to leverage on investment opportunities
Isaac Money, Yenagoa
Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), says Africa must lead its own energy future as African-led initiatives are vital to achieving true energy security for the continent.
Lokpobiri who spoke on the topic: “Global Energy Security: The Imperative of Africa Energy Development”, at the opening panel of the Africa Energy Week in South Africa , pointed out that the African Petroleum Producers Organization (APPO)’s establishment of the Africa Energy Bank as a critical step in securing funding tailored to Africa’s energy needs.
In a statement made available through his Special Assistant Media and Communication Nneamaka Okafor, Lokpobiri noted that Africa cannot be forced into a rushed energy transition dictated by global trends.
Africa, he added, “will instead progress at its own pace, with a focus on addressing the continent’s pressing energy challenges first.”
Highlighting Africa’s strategic position with vast fossil and renewable resources, Lokpobiri noted that while Africa holds about 12% of global oil reserves and 7% of natural gas, over 600 million Africans still lack access to electricity.
The minister underscored that “our responsibility is to ensure that Africa’s energy sector not only powers industrial growth across the continent but also alleviates the stark energy poverty faced by millions.”
Global Energy trends present opportunity for Nigeria and Africa as a whole, he added.
In terms of investment opportunities, Lokpobiri invited global investors to consider Nigeria’s oil and gas sector, detailing prospects in upstream, midstream, and downstream segments.
From offshore and deepwater oil exploration to developing gas pipelines and refining facilities, he outlined numerous avenues for investment that align with Nigeria’s energy transformation goals.
These opportunities, he suggested, would help drive industrialization, create jobs, and support sustainable energy growth.
The minister praised APPO’s collaborative approach among African oil producers, which aims to build a resilient energy sector and reduce dependency on foreign actors.
He cited the newly established Africa Energy Bank hosted by Nigeria, as a vehicle to bridge Africa’s funding gap for energy projects, enabling local and regional investment in both renewable and non-renewable resources.
This, he emphasized, will allow African countries to finance projects aligned with their specific development goals, empowering Africa to harness its resources effectively.
Addressing the broader challenges, Lokpobiri identified infrastructure deficits, limited investments, and international pressures to transition toward greener energy as ongoing obstacles to Africa’s energy development.
He however emphasized Africa’s potential to become a green energy hub by leveraging its abundant solar, wind, and hydro resources to power both local and International markets.
“Africa can lead in renewable energy as well as in responsibly managing its oil and gas resources,” he noted.
While highlighting the continent’s role in global energy stability.
Lokpobiri called on African governments, International players in the oil and gas sector and even those in other sectors, to leverage the investment opportunities the global energy trend and challenges provide.
He emphasized the need for a unified regulatory framework that would facilitate cross-border energy projects and bolster investor confidence.
“Africa stands ready to build a secure, sustainable, and prosperous future,” he emphasized.
“To our global partners and investors, I extend an open invitation: Join us in shaping the energy future of tomorrow.”
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