July 12, 2025
Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said that the legal and regulatory reforms introduced by President Bola Ahmed Tinubu’s administration have laid a strong foundation for renewed investment in Nigeria’s energy sector.
Speaking at the Ministerial Session of the 9th OPEC International Seminar in Vienna, Lokpobiri urged the international community—especially developed nations in the Global North—to recognise Africa’s vital role in the global energy ecosystem and to actively invest in the continent’s energy future.
Addressing the theme “Oil Markets: Energy Security, Growth and Prosperity,” the Minister stressed that Africa must be fully included in global energy initiatives if it is to effectively contribute to energy security and economic development.
“For Africa to truly be part of the global energy journey, there is an urgent need to allow and encourage investments into the continent,” Lokpobiri said in a statement issued by his media adviser, Nneamaka Okafor.
He criticised the global tendency to sideline Africa in energy investment, even as the continent remains disproportionately affected by energy poverty and infrastructure deficits.
Highlighting progress made under President Tinubu, Lokpobiri pointed to recent policy shifts and structural reforms as game changers for the Nigerian energy sector.
“President Tinubu’s administration has undertaken significant legal and regulatory reforms that now offer a strong foundation for energy sector investment,” he said.
The Minister noted that Nigeria possesses vast capacity in the oil and gas industry—particularly in refining—and is strategically positioned to meet both domestic demand and regional supply needs across West Africa.
However, he cautioned that without increased investment in the upstream, midstream, and downstream sectors, the country would be unable to unlock its full potential.
“We need more investments, especially in the upstream sector, but also across the midstream and downstream segments,” Lokpobiri said. “Our capacity not only serves Nigeria, but also supports the wider West African region, which depends heavily on us.”
In his address, Lokpobiri called for inclusive and equitable investment partnerships, arguing that Africa’s integration into the global energy transition is critical to sustainable development.
“Africa must be seen as part of the world,” he said. “We need to develop to contribute meaningfully to the global energy shift, and that can only happen if investors are allowed and encouraged to enter the African energy space.”
His remarks were well received at the forum, as he reaffirmed Nigeria’s readiness to lead regional collaboration and promote a business-friendly environment for global energy stakeholders.
