Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said that Nigeria’s oil production rose to 1.8 million barrels per day, from 1 million, adding that the goal is to reach 2.5 million bdp, as American companies are already showing strong interest in investing in Nigerian oil blocks.

Speaking at the inaugural Africa Energy Investment summit, the 2025 edition held in New York, United States, recently, Senator Lokpobiri during a panel session underscored Africa’s renewed confidence and the resurgence of investment in the continent’s energy sector.

Making a strong case for continued investment in fossil fuel in Africa, Lokpobiri noted: “Africa must not be deceived into abandoning fossil fuels while the West continues to expand production. Our hydrocarbons will finance our transition , not charity, not aid.”

Also speaking, representing Vice President of Equatorial Guinea, H.E Nguema Obiang Mangue, the Minister of Hydrocarbon Mining Development, H.E. Antonio Oburu Ondo, called for urgent action to reclaim control over Africa’s energy destiny.

“Africa holds 40% of the world’s natural resource discoveries yet remains at the mercy of financiers in London, Paris, and New York. Energy finance is a question of sovereignty, we must build the African Energy Bank, mobilize our sovereign wealth and pension funds, and secure Africa’s rightful place as a global energy leader.”