Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil)
…Global transition to cleaner energy is not a threat but an opportunity and Africa must lead the way in sustainable energy development.
…Energy bank will revolutionize energy financing across the continent by providing funding tailored to Africa’s unique energy needs.
-Felix Douglas
Speaking at the sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC), Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made it known that the event is a gathering of visionary leaders, innovators, and policymakers committed to advancing Africa’s energy sector.
Therefore, “I bring a message of transformation, resilience, and leadership, as Nigeria enters a new era defined by energy independence, local empowerment, and sustainable growth.
“We gather under the theme, “Building Africa’s Future: Advancing Local Content and Sustainable Development in the Oil and Gas Industry.” These words are not just aspirational, they are essential to our shared future. Africa’s energy destiny hinges on our ability to responsibly harness our natural resources, empower our people, and lay the foundation for long-term, sustainable development.”
Lokpobiri was of the view that the power of local content is no longer a luxury, hence; it is the key to unlocking Africa’s true potential. By investing in local businesses, nurturing youths and transferring critical technology to people, the continent is not just building an industry, but shaping its future.
“In Nigeria, we have witnessed firsthand the transformative power of local content. Our successful divestment program, empowering indigenous companies to take ownership of marginal fields and shallow water assets, stands as a testament to this shift. This program has not only enhanced production capacity but has also opened new opportunities for local businesses, service providers, and communities.”
The Minister added that through the growth of Nigerian companies, there has been a remarkable demonstration of technical expertise and operational efficiency, which has revitalized dormant assets, expanded production, and retained greater value within the country’s 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.
However, this journey is far from complete. The future holds even greater promise. With the right policies, access to financing, and technological support, indigenous operators will be able to tackle larger projects, make new discoveries, and play an even more dominant role in Africa’s energy future.
“As a government, we remain committed to providing the enabling environment for businesses to thrive. But we cannot achieve this alone. Africa must unite. We must share knowledge, close funding gaps, and harmonize regulations to strengthen our competitiveness. Our greatest asset is our collective strength, and together, we can build a brighter future.”
The Minister posited that the world is evolving and Africa must move. The global transition to cleaner energy is not a threat, it is an opportunity. Africa can and must lead the way in sustainable energy development.
On optimization of hydrocarbon resources: “We must extract value from our oil and gas in ways that diversify our economies, while remaining environmentally responsible.”
The Minister advocated for investment in renewable because the future belongs to those who embrace change.
Lokpobiri acknowledged that one of the greatest challenges to Africa’s energy development has been access to financing. As global investment in oil and gas declines due to energy transitions, Africa has decided to take charge by creating its own solutions.
A landmark initiative in this regard is the establishment of the African Energy Bank (AEB), which will be hosted in Nigeria. This institution has the potential to revolutionize energy financing across the continent by providing funding tailored to Africa’s unique energy needs. This is not just for oil-producing nations; it is for all of Africa.
The African Energy Bank represents a shift toward financial autonomy. It allows the continent to move away from dependency on foreign capital and external policies that do not align with Africa’s development priorities.
He said the bank has the power to unlock billions in funding, accelerate infrastructure development, and secure Africa’s energy future. This is how we take control of our destiny.
The Minister called for action to strengthen regional collaboration and create frameworks that encourage African nations to work together, rather than competing against each other.
There is need to invest in human capital as the energy industry requires a skilled, innovative workforce that is ready to seize global opportunities, drive innovation technology by transforming the world.
Lokpobiri also called for investment in research, development, digital transformation and upholding transparency with good governance which will lure investments because investors trust nations that prioritize accountability.
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