The Nigeria Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said Nigeria is Africa’s leading hub for energy investments, referencing the nation’s extensive oil and gas reserves along with current industry reforms.
Addressing the Africa Energy Week 2024 in Cape Town, Lokpobiri emphasized that Nigeria possesses almost 30 per cent of Africa’s oil and gas assets, positioning it as a prime investment center.
The minister reaffirmed Nigeria’s commitment to creating an investor-friendly environment through crucial reforms spearheaded by President Bola Tinubu’s government.
According to Lokpobiri, “Our extensive resources position Nigeria as an excellent option for energy investments,” emphasising that new executive orders and policy changes have lowered bureaucratic red tape and improved investor competition.”
The minister highlighted the crucial importance of independent operators in the industry and detailed initiatives to enhance local financing for these entities, which persist in promoting growth despite financial obstacles.
“Independent entities are essential to our sector. We are focused on enhancing financial systems that assist local producers and develop their skills,” Lokpobiri added.
A significant advancement Lokpobiri mentioned was the formation of the Africa Energy Bank, established in partnership with the African Petroleum Producers Organisation and AfreximBank. Based in Nigeria. The bank seeks to tackle Africa’s energy funding shortfalls, providing financial security and drawing in investments from both local and international sources.
In his statements, Lokpobiri also highlighted the advantages of Nigeria’s completely deregulated oil industry, which he mentioned fosters open competition and eliminates entry obstacles.
“Our industry is completely open and prepared for collaborations.
“We encourage investors to explore Nigeria’s plentiful prospects in oil and gas,” Lokpobiri stated.
