“Nigeria’s Oil Sector Open For Investment” Says Lokpobiri, urges Investors To Tap Into Africa’s Vast Market
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri Ph.D, has reaffirmed Nigeria’s enormous capacity in the oil sector, highlighting the country’s commitment to fostering investment opportunities through its well-established Local Content Initiative.
Speaking at the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC), organized by the Petroleum Technology Association of Nigeria (PETAN) in Lagos, the Minister, who also doubles as the Chairman of NCDMB Governing Council, emphasized the need for African nations to spearhead technological advancements in carbon capture as the world transitions toward cleaner energy sources.
The Special Adviser on Media and Communication to the Minister Nneamaka Okafor quoted the Minister as saying “In Nigeria, we have developed significant capacity in our oil sector through our Local Content Initiative. As the global energy landscape shifts, Africa must lead the charge in technological innovation for carbon capture to ensure the sustainable exploration of our fossil fuels,” the Minister stated.
“With this year’s conference themed Building Africa’s Future: Advancing Local Content and Sustainable Development in the Oil and Gas Industry, the Minister urged PETAN members and other credible investors across Nigeria and Africa to take ownership of energy innovations that the world can adopt. He stressed that Africa must not merely follow global trends but actively drive solutions that will shape the future of energy in Africa.
“What we need in Africa are sustainable investments, not just promises. Investors should see the vast opportunities available and recognize the profitability of working in a collaborative African ecosystem,” the Minister said. He further emphasized the importance of peer-review mechanisms among African nations, ensuring that countries within the continent share best practices and enhance investment environments.
“One of the major barriers to investment in Africa’s energy sector, financing, has now been effectively addressed with the imminent launch of the Africa Energy Bank. This institution is expected to provide tailored financial solutions to energy investors, eliminating a critical hurdle that has long hindered growth in the industry.
The Minister further emphasized that “Interestingly, as a continent, we have tackled the key challenge investors face, financing, through the establishment of the Africa Energy Bank, which will commence operations in no distant time. This bank will serve as a catalyst for increased investment and sustainable development across Africa,” the Minister noted.
He further called on global investors to seize the opportunity presented by Nigeria’s investment-friendly policies and Africa’s expanding energy market. “I urge investors to tap into the enormous investment opportunities in Nigeria and capture the vast African market. The Federal Government, under the leadership of President Bola Ahmed Tinubu, remains fully committed to ensuring mutually beneficial partnerships that guarantee profit for investors while driving sustainable development for the nation,” he assured.
“With a robust oil and gas sector, progressive policies, and a clear commitment to fostering investments, Nigeria stands ready to welcome investors who seek profitable and sustainable ventures in Africa’s energy industry”. He concluded
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