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Minister of State for Petroleum Resources (Oil), Mr. Heineken Lokpobiri, has advocated stronger regional collaboration to drive Africa’s energy future.
Speaking at the ongoing Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos on Tuesday, February 11, 2025, Lokpobiri called for the creation of frameworks that would encourage collaboration and prevent competition among African nations.
The three-day conference, themed “Building Africa’s Future: Advancing Local Content and Sustainable Development in the Oil and Gas Industry,” brought together key stakeholders in the energy sector.
Lokpobiri highlighted one of Africa’s greatest challenges, which he mentioned to be access to financing for energy development.
He said that as global investment in oil and gas declined due to the energy transition, Africa had stepped up to create its own solutions.
He said that a key initiative in this regard was the establishment of the African Energy Bank (AEB), which would be hosted in Nigeria.
“The African Energy Bank has the potential to revolutionise energy financing across the continent, providing funding tailored to Africa’s unique needs.
“This is not just for oil-producing nations; it is for all of Africa.
“It represents a shift towards financial autonomy, allowing us to move away from dependency on foreign capital and policies that do not align with our priorities,” Lokpobiri said.
According to him, AEB is expected to unlock billions in funding, accelerate infrastructure development, and secure Africa’s energy future.
Lokpobiri said that it required broad support from every African nation, private investors, and regional financial institutions for AEB to succeed.
He added that Nigeria had taken the lead in hosting the bank, but its success would depend on collective commitment across the continent.
“Technology is transforming the world, and Africa must lead, not follow. Let us invest in research, development, and digital transformation.
“Investors trust nations that prioritise accountability – good governance is good business,” he said.
He emphasised that local content was crucial to unlocking Africa’s potential, saying by investing in local businesses, nurturing youth, and transferring critical technology, Africa would not only build an industry but shape its future.
He said that in Nigeria, successful initiatives like the divestment programme which empowered indigenous companies to take ownership of marginal fields, had revitalised production and generated economic opportunities.
“We have witnessed the transformative power of local content.
“By empowering indigenous companies, we’ve seen technical expertise and operational efficiency that have expanded production and retained greater value within our economy.
“Nigeria is now a regional leader, proving that African nations can take full ownership of their resources and transform them into engines of prosperity,” minister said.
According to him, the journey is far from complete. With the right policies, access to financing, and technological support, indigenous operators can tackle larger projects and make new discoveries.
“Africa must unite, share knowledge, close funding gaps, and harmonise regulations to remain competitive.
“Our greatest asset is our collective strength, and together, we can build a brighter future.”
He also described the dawn of a new era for Nigeria’s energy sector—an era of leadership, self-reliance, bold investments, and sustainability.
“Nigeria is not just adapting to change – we are shaping it.
“The future is bright, and we invite the world to join us as we power Africa’s next frontier.”
Lokpobiri emphasised that Africa’s true strength lies not just in its oil, gas, and minerals, but in its people.
“We are resilient. We are resourceful. We are ready. By committing to local content, sustainability, and innovation, we will lead the global energy conversation.This is our moment. Let’s seize it,” he added.
The conference attracted about 200 delegates and 100 exhibitors who reflected the growing interest and commitment to Africa’s energy future.
By Yunus Yusuf
