At the ongoing Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos, Mr. Heineken Lokpobiri, the Minister of State for Petroleum Resources, called for enhanced regional collaboration to accelerate Africa’s energy development.
Speaking on Tuesday, February 11, 2025, Lokpobiri emphasized the need for frameworks that foster cooperation rather than competition among African nations in order to advance the continent’s energy future.
The three-day conference, themed “Building Africa’s Future: Advancing Local Content and Sustainable Development in the Oil and Gas Industry,” is a gathering of industry leaders and stakeholders working to shape the future of Africa’s energy sector.
Lokpobiri identified one of Africa’s biggest challenges: securing financing for energy projects. With global investments in oil and gas shrinking due to the ongoing energy transition, Africa has been stepping up to find its own solutions.
A significant move in this direction, according to Lokpobiri, is the creation of the African Energy Bank (AEB), which will be headquartered in Nigeria. He believes the AEB has the potential to revolutionize energy financing across the continent by providing funds tailored to Africa’s unique needs, especially in a time when the global financing landscape is shifting.
“This initiative is not limited to oil-producing nations but is intended for all of Africa. The African Energy Bank represents a shift toward financial autonomy, freeing us from reliance on foreign capital and policies that don’t align with our priorities,” Lokpobiri stated. The AEB, he noted, is poised to unlock billions in funding, drive infrastructure development, and secure Africa’s energy future.
However, he stressed that the success of the African Energy Bank would require broad support from African nations, private investors, and regional financial institutions.
Lokpobiri also highlighted the importance of technology in shaping Africa’s energy future. “Technology is transforming the world, and Africa must be at the forefront, not following behind. Let’s invest in research, development, and digital transformation,” he said, adding that good governance was crucial for attracting investment. “Investors trust nations that prioritize accountability.”
The Minister further underlined the importance of local content in unlocking Africa’s potential. He pointed to Nigeria’s successful initiatives, such as the divestment program, which empowered indigenous companies to take ownership of marginal fields, revitalizing production and creating economic opportunities. “By empowering local companies, we’ve seen technical expertise and operational efficiency that expanded production and retained more value within our economy,” Lokpobiri explained. “Nigeria is a regional leader, showing that African nations can take full ownership of their resources and transform them into engines of prosperity.”
While acknowledging the progress, Lokpobiri pointed out that the journey was far from over. He believes that with the right policies, access to financing, and technological support, indigenous operators could tackle larger projects and make new discoveries.
He also called for greater unity among African nations to share knowledge, close funding gaps, and harmonize regulations, ensuring the continent remains competitive in the global energy market. “Our greatest asset is our collective strength, and together, we can build a brighter future,” he said.
Looking ahead, Lokpobiri described a new era for Nigeria’s energy sector—one defined by 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.”
The Minister concluded by emphasizing that Africa’s true strength lies not only in its vast natural resources 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 said.
The SAIPEC conference attracted around 200 delegates and 100 exhibitors, reflecting the growing interest and commitment to Africa’s energy future.
