Lokpobiri invites investors with oil sector reforms at Africa Energy Week

At Africa Energy Week 2024 in Cape Town, South Africa, Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), championed Nigeria as a premier destination for energy investments in Africa.

With nearly 30 per cent of Africa’s oil and gas reserves, Nigeria presents vast opportunities, bolstered by recent strategic reforms. Lokpobiri highlighted initiatives to streamline licensing, reduce bureaucratic delays, and create a competitive, investor-friendly landscape under President Bola Tinubu’s administration.

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“Our vast resources make Nigeria a natural destination for energy investments in Africa,” Lokpobiri noted, referencing new executive orders aimed at incentivising investment and building a sustainable energy market.

A focal point of Lokpobiri’s message, according to a statement made available to The Guardian by Nneamaka Okafor, the Special Assistant on Media and Communication to the Minister, was the role of independent oil producers, which, despite financing challenges, play a crucial part in Nigeria’s local development and capacity building.

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To address these financing gaps, Lokpobiri unveiled the Africa Energy Bank, headquartered in Nigeria and established through a collaboration between the African Petroleum Producers’ Organization (APPO) and AfreximBank.

“The Africa Energy Bank is set to be a game-changer for our sector,” Lokpobiri noted. “It will provide the financial stability and support that both local and foreign investors need,” he stated.

The Minister also underscored Nigeria’s fully deregulated oil sector, welcoming investors to benefit from the open market, which he said fosters healthy competition and global partnerships. “Our sector is fully open and ready for international collaboration,” he affirmed, inviting global investors to seize Nigeria’s unique opportunities in oil and gas.

READ MORE: We are ready to host Africa Energy Bank – Lokpkobiri

Senator Lokpobiri’s presence at Africa Energy Week 2024 marks Nigeria’s proactive stance on increasing investor confidence and securing partnerships essential for the country’s energy advancement. Through these steps, Nigeria aims to lead Africa in sustainable energy solutions, creating pathways for prosperity in the oil and gas sector.

“Our sector is fully open and ready for global partnerships,” Lokpobiri concluded. “We invite all investors to take advantage of the incredible opportunities Nigeria offers in oil and gas. Together, we can drive the industry toward a sustainable and prosperous future.”