#WEF25 : Nigeria, Africa’s energy transition must align with its development priorities, says Lokpobiri
The Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri has emphasised the need for Nigeria and African countries to prioritise the process for renewable energy transition.
He made this position known when he participated at the just-concluded World Economic Forum (#WEF25) in Davos, Switzerland.
The minister who said the session gave him the opportunity of participating in several sessions that convened global leaders and industry players to address critical global and regional challenges.
Lokpobiri revealed that “these sessions provided a platform to engage on issues central to Africa’s development and the global energy transition”.
His statement which was circulated to newsmen further hinted that “at the just-concluded World Economic Forum (#WEF25) in Davos, Switzerland, I had the privilege of participating in several of the sessions that convened global leaders and industry players to address critical global and regional challenges.
“These sessions provided a platform to engage on issues central to Africa’s development and the global energy transition.
“One of the key discussions was Africa’s Momentum, which examined the impact of the African Union’s 2023 admission as a permanent member of the G20 and Africa’s push for a permanent seat on the UN Security Council. I contributed to this dialogue by emphasizing the need for strategic funding to enable Nigeria and Africa to harness their vast mineral resources and tackle persistent energy deficiencies.
:In the session on “Powering Progress: Financing the Energy Transition”. I highlighted actionable solutions needed to unlock market forces and strengthen the business case for a global energy transition.
“We explored best practices for mobilizing public and private capital, emphasizing that Nigeria and indeed, Africa’s transition must align with its development priorities.
“During the Leaders for a Sustainable MENA session, which focused on climate, AI, and finance in the MENA region – a grouping of Middle Eastern and North African countries – we discussed innovative partnerships and pathways for collaboration between international and regional stakeholders.
“The insights shared were vital for integrating Nigeria and Africa as a whole into broader sustainability frameworks, while marketing Nigeria as an investment destination on the way to energy transition.
According to the Oil Minister “ the session on G20 and Africa’s Just Energy Transition, it was noted, the importance of South Africa’s G20 Presidency in advancing Africa’s energy priorities.
“ I underscored the establishment of the Africa Energy Bank, headquartered in Nigeria, as a significant step in bridging the funding gap.
“However, I called for greater international support, noting Africa’s minimal contribution of 3% to global emissions and stressing that the time for mere dialogue has passed.
Speaking further he is of the view that “ as we look ahead, I urged that by the next #WEF26, our collective focus should be a review of executed actionable measures that drive visible growth in Nigeria, Africa, and globally.
“The foundation has been laid; now, it is time to build”.
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