Yemisi Izuora
The Minister of state for petroleum resources (Oil) Heineken Lokpobiri, has highlighted measures the federal government is taking to advance the development of the country’s energy industry that will help to transform the economy.
Lokpobiri, said key consideration is to harness the country’s hydrocarbon resources by extracting value from oil and gas in ways that would help to diversify the economies, while remaining environmentally responsible.
In his keynote remarks at the opening of the 2025 Sub Saharan Africa International Petroleum Exhibition and Conference (SAIPEC), themed: Building Africa’s Future: Advancing Local Content and Sustainable Development in the Oil and Gas Industry” the Minister spoke extensively advancing local capacity in the oil industry through implementation of the local content policy.
By investing in local businesses, nurturing our youth, and transferring critical technology to our people, Nigeria is not just building an industry but shaping our future.
He said Nigeria, has witnessed firsthand the transformative power of local content and the country’s successful divestment program, empowering indigenous companies to take ownership of marginal fields and shallow water assets, stands as a testament to this shift.
This program according to him, has not only enhanced production capacity but has also opened new opportunities for local businesses, service providers, and communities.
“Through the growth of Nigerian companies, we’ve seen a remarkable demonstration of technical expertise and operational efficiency, which has revitalized dormant assets, expanded production, and retained greater value within our economy. Nigeria is now a regional leader, proving that African nations can take full ownership of their resources and transform them into engines of prosperity.” Lokpobiri said.
However, he observed that this journey is far from complete as the future holds even greater promise.
“With the right policies, access to financing, and technological support, indigenous operators will be able to tackle larger projects, make new discoveries, and play an even more dominant role in Africa’s energy future.
As a government, we remain committed to providing the enabling environment for businesses to thrive. But we cannot achieve this alone. Africa must unite. We must share knowledge, close funding gaps, and harmonize regulations to strengthen our competitiveness. Our greatest asset is our collective strength, and together, we can build a brighter future.” he said.
He also noted that integrating Africa’s abundant renewable energy sources into the energy mix, the country can secure long-term energy stability.
“Sustainability is not just about the environment; it is about our people. Host communities must benefit. Our children must inherit an industry that prioritizes education, healthcare, and infrastructure. True development is measured by the lives we transform.” the Minister stressed.
On the challenges to Africa’s energy development following declining financing and global investment in oil and gas due to energy transitions, he said Africa has decided to take charge by creating its own solutions.
He said the landmark initiative of establishing the African Energy Bank (AEB), to be hosted in Nigeria, has the potential to revolutionize energy financing across the continent by providing funding tailored to Africa’s unique energy needs especially for oil-producing nations.
The African Energy Bank, Lokpobiri went on to say represents a shift toward financial autonomy. It allows us to move away from dependency on foreign capital and external policies that do not align with Africa’s development priorities.
This bank has the power to unlock billions in funding, accelerate infrastructure development, and secure Africa’s energy future, he said adding, “This is how we take control of our destiny.”
However, he added that for the African Energy Bank to succeed, it requires broad support as every African nation must play a role in strengthening this institution, ensuring it serves as a catalyst for economic transformation.
Nigeria has taken the lead in hosting this bank, but its success will depend on the collective commitment of all African nations, private investors, and regional financial institutions, he said.
Lokpobiri, told participants that to build Africa’s energy future, there must be regional cooperation and collaboration.
He advised that the continent should create frameworks that encourage African nations to work together, rather than compete against one another.
The energy industry of tomorrow he says requires a skilled, innovative workforce that is ready to seize global opportunities and that technology is also
transforming the world, therefore Africa must lead, not follow.