The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri has disclosed that Africa holds the key to her energy.
This was as he emphasized that African-led initiatives are vital to achieving true energy security for the continent.
Speaking on Wednesday in South Africa during the opening ceremony of the Africa Energy Week, the Minister maintained that the African Petroleum Producers Organization (APPO)’s establishment of the Africa Energy Bank was a critical step in securing funding tailored towards Africa’s energy needs.
Speaking on the topic “Global Energy Security: The Imperative of Africa Energy Development’, he also disclosed that Africa cannot be forced into a rushed energy transition dictated by global trends.
According to a statement by Nneamaka Okafor, SA Media and Communication to the Minister, it reads that the move will 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.
Lokpobiri invited global investors to consider Nigeria’s oil and gas sector, detailing prospects in upstream, midstream, and downstream segments.
Lokpobiri 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.
However, he 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.
Lokpobiri called upon 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.
“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 are a potent opportunity for Nigeria and Africa as a whole. In terms of investment opportunities.”
“From offshore and deep water oil exploration to developing gas pipelines and refining facilities, there are numerous avenues for investment that align with Nigeria’s energy transformation goals.”
