The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has emphasized that Africa needs strategic partnerships and investments rather than loans to tackle energy poverty and drive economic growth.
This was disclosed in a statement by the minister at the 8th edition of the Nigeria International Energy Summit (NIES 2025), themed “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential,” In Abuja on Tuesday.
Lokpobiri stated that President Bola Tinubu’s strategic policies have demonstrated Nigeria’s readiness and commitment to business.
“In January at Davos, I was in a panel with eight other ministers of different parts of the world, and one of the ministers said that Europe has about 300 billion euros available for loans to Africa.
“I suggested to them that we don’t need loans; rather, we need investments; we need partnerships. Invest and then make your returns instead of giving us loans.
“I can assure you that the world is ready to invest in Africa; the world has recognised that Africa has enormous resources, but these resources have no value unless we are able to bring them to the market,” Lokpobiri said.
The minister stated that the current administration has transformed Nigeria’s energy landscape, attracting new investors and retaining those who had considered divesting.
He stated that Nigeria’s readiness for business is evident in the completion of four major pending divestments.
Lokpobiri added that the country has built strong local capacity, allowing indigenous companies to acquire and manage assets profitably.
“Nigeria has nothing to lose.
“No International Oil Company (IOC) is leaving Nigeria; all the IOCs cannot find a better location than Nigeria for business. They told me that Nigeria is still the best destination, and they are firm in their commitment to say they are not leaving Nigeria.
“At the worst, they are leaving for deep offshore, which is beyond the capacity of Independent Petroleum Producers Group (IPPG) members,” he stated.
The minister revealed that Nigeria is set to secure investments in the coming months, with $20 billion expected soon.
He urged Africans to unite in addressing the continent’s energy poverty challenges.
“We have to collectively work together to ensure that we bridge the gap that exists in technology and in finance, among others,” the minister said
Meanwhile, Secretary-General of the African Petroleum Producers’ Organisation, Dr. Omar Ibrahim, criticized Africa’s overreliance on foreign loans.
Ibrahim stated that Africa’s desire to find internal solutions and reduce reliance on foreign finance led APPO to partner with Afrexim Bank to establish the African Energy Bank, headquartered in Nigeria.
“We are not against foreign finance, foreign technology, and foreign markets, but to do our utmost best to address challenges by looking within first, then going out only when internal possibilities are exhausted.
“The only way we can do this is to collaborate and pull resources together and then we will have all it takes to surmount our challenges.
“Today Nigeria, through the NNPC Ltd. is the highest contributor to the African Energy Bank fund,’’ he said.
