OPEC Seminar: Africa’s Energy Sector Needs Increase Investment —-Lokpobiri. By Chris Mark
OPEC Seminar: Africa’s Energy Sector Needs Increase Investment —-Lokpobiri
The need for increased investment in Africa’s energy sector has been re-emphasized by the Honourable Minister of State for Petroleum Resources, Senator Heineken Lokpobiri PhD.
The Minister who made this statement during Ministerial Session at the 9th OPEC International Seminar held in Vienna, Austria called on the international community, particularly the Global North, to recognize Africa as a vital part of the global energy landscape and to open investment opportunities that will support the continent’s development.
Speaking on the theme “Oil Markets: Energy Security, Growth and Prosperity,” Sen. Lokpobiri emphasized that for Africa to contribute meaningfully to global energy security, it must be empowered through investment, just as other regions of the world have been.
Lokpobiri in a statement by Nneamaka Okafor SA Media and Communication to the Minister stated that “For Africa to truly be part of the global energy journey, there is an urgent need to allow and encourage investments into the continent,” he said. “Africa cannot be excluded from the solutions while being most affected by the challenges.”
The Minister highlighted Nigeria’s bold reforms under the leadership of President Bola Ahmed Tinubu, which he said have repositioned the country’s energy sector and created a more stable, transparent, and investment-friendly environment.
“President Tinubu’s administration has undertaken significant legal and regulatory reforms that now offer a strong foundation for energy sector investment,” he stated.
Sen. Lokpobiri noted that Nigeria holds enormous capacity in the oil and gas sector, particularly in refining. However, he stressed that increased investment is needed across the upstream, midstream, and downstream value chains to unlock full potential.
“We need more investments, especially in the upstream sector, but also across the midstream and downstream segments. Our capacity not only serves domestic needs but also supports the wider West African region, which depends heavily on Nigeria,” he said.
He urged the Global North to support Africa’s development and integrate the continent into the broader global energy transition. “Africa must be seen as part of the world. 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,” he concluded.
The Minister’s remarks were met with wide acknowledgment as he reaffirmed Nigeria’s readiness to lead regional collaboration and investment-friendly growth in the energy sector.
