Lokpobiri Calls for Regional Collaboration to Shape Africa’s Energy Future
LAGOS – Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has called for stronger regional collaboration to drive Africa’s energy future. Speaking at the 9th Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos, Lokpobiri emphasized that African nations must work together—rather than compete—to create frameworks that encourage partnership and mutual growth.
Central to his address was the Africa Energy Bank (AEB), an institution designed to fund oil and gas projects and support the continent’s energy transition goals. Set to be unveiled in the first quarter of 2025 and expected to have an asset base of $120 billion, the bank will be headquartered in Nigeria. A joint initiative between Afreximbank and the African Petroleum Producers Organization, the AEB is seen as a revolutionary step in energy financing, providing funding tailored to Africa’s unique needs while reducing dependence on foreign capital and external policies.
“The African Energy Bank has the potential to revolutionise energy financing across the continent, providing funding tailored to Africa’s unique needs. This is not just for oil-producing nations; it is for all of Africa. It represents a shift towards financial autonomy, allowing us to move away from dependency on foreign capital and policies that do not align with our priorities,” Lokpobiri said.
Lokpobiri also highlighted the critical role of local content in Africa’s energy industry. He stressed that investing in local businesses, developing young talent, and fostering technology transfer would not only build a stronger industry but also shape the continent’s future. Citing Nigeria’s divestment program—which has empowered indigenous companies to manage marginal oil fields, increase production, and boost economic opportunities—he underscored that such initiatives prove Africa’s ability to take full control of its resources and drive economic prosperity.
On the importance of technology and innovation, Lokpobiri urged African nations to prioritize research, development, and digital transformation. “Investors are drawn to countries that prioritize accountability and good governance, and transparency is key to attracting investment,” he added.
Also speaking at the conference, the Group Chief Executive Officer of NNPC Limited, Mele Kyari, provided insights into major pipeline projects aimed at expanding gas supply across Africa and into Europe. Represented by NNPC’s Executive Vice President (Upstream), Udobong Ntia, Kyari highlighted critical projects such as the Nigerian-Morocco Gas Pipeline and the Trans-Saharan Gas Pipeline. He noted that NNPC is investing heavily in gas infrastructure, including the Ajaokuta-Abuja-Kano (AKK) pipeline and the OB3 gas interconnector, which will support five billion standard cubic feet per day (Bscf/d) of domestic gas utilization and boost Nigeria’s power generation capacity.
Kyari acknowledged that while oil and gas will remain key components of the global energy mix for the next 50 years, NNPC is actively working to unlock more opportunities across the oil and gas value chain. The organization is focused on driving the penetration of the compressed natural gas (CNG) market and increasing refining capacity to further enhance the sector’s competitiveness.
In related remarks, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Ogbe, called for a more unified approach to local content development across sub-Saharan Africa. Ogbe commended Nigeria, Angola, and Ghana for their notable strides in boosting indigenous participation in the oil and gas sector but expressed concern that fragmented implementation continues to hinder collective progress. He urged petroleum-producing nations to harmonize local content policies, invest in human capital and infrastructure, provide funding for local companies, and prioritize technology transfer to strengthen indigenous participation.
The 9th SAIPEC, themed “Building Africa’s Future: Advancing Local Content and Sustainable Development in the Oil and Gas Industry,” brought together numerous delegates and exhibitors, reinforcing the commitment to regional cooperation and sustainable growth in Africa’s energy sector.
