(Naija247news, Abuja, Feb. 25, 2025) – Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), emphasized that Africa’s path to addressing energy poverty and economic growth lies in strategic partnerships and investments, not loans.
Thank you for reading this post, don't forget to subscribe!Speaking at the Nigeria International Energy Summit (NIES 2025), Lokpobiri called for a shift in focus, highlighting the importance of global investment in Africa’s energy potential.
“We don’t need loans, we need investments, we need partnerships. Invest and make your returns rather than giving us loans,” he stated.
Nigeria’s Investment-Friendly Policies and Readiness
Lokpobiri pointed out that Nigeria’s current administration, under President Bola Tinubu, has introduced strategic policies that have transformed the country into an attractive destination for investment. He also noted the successful completion of four major divestments that had been pending.
“The world is ready to invest in Africa. Africa has enormous resources, but these resources have no value unless we bring them to market,” he said.
Nigeria’s Local Capacity and Future Investments
Lokpobiri stressed that Nigeria’s local capacity has significantly grown, enabling indigenous companies to successfully acquire assets and operate them profitably. He reassured stakeholders that no International Oil Company (IOC) is leaving Nigeria, underscoring the country’s central role in the global energy sector.
The minister also revealed that $20 billion in investments are expected in the coming months, underscoring Nigeria’s continued appeal for business and the commitment of foreign investors.
APPO Advocates for Internal Solutions to Africa’s Energy Challenges
Echoing Lokpobiri’s sentiments, Dr. Omar Ibrahim, Secretary-General of the African Petroleum Producers’ Organisation (APPO), criticized the continent’s over-reliance on foreign loans. He highlighted the formation of the African Energy Bank (AEB), which aims to foster internal collaboration to address Africa’s energy challenges.
Ibrahim also stressed the need to reduce Africa’s energy poverty, with 600 million Africans still lacking access to electricity, despite the continent’s significant contribution to the global oil and gas market.
“We need to pull resources together within Africa and collaborate to overcome these challenges,” Ibrahim stated, pointing to Nigeria’s contribution to the AEB fund.
Call for Unity in Addressing Africa’s Energy Challenges
Both Lokpobiri and Ibrahim underscored the need for African unity to bridge gaps in technology, finance, and policy to solve the continent’s energy poverty. The call for self-reliance and collaboration was framed as essential for Africa’s energy future and economic prosperity.
