BREAKING: Nigeria committed to unlocking Africa’s vast energy potential — Lokpobiri
The Honourable Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Ph.D., has reaffirmed Nigeria’s commitment to unlocking Africa’s vast energy potential, attracting global investors, and driving sustainable economic growth.
Delivering the keynote address at the opening ceremony of the Nigerian International Energy Summit (NIES) 2025 at the Presidential State House Banquet Hall, Aso Villa, Abuja, Lokpobiri underscored Nigeria’s strategic leadership in the continent’s evolving energy landscape.
Speaking before a distinguished audience that included President Bola Ahmed Tinubu, global ministers, energy leaders, and investors, Lokpobiri highlighted Nigeria’s pivotal role in shaping the global energy market.
He emphasseed that Africa’s energy future depends on bridging gaps between continents, fostering collaboration, and ensuring that its resources benefit its people.
The minister detailed key achievements in the Nigerian oil and gas industry, citing increased oil production and historic asset acquisitions by indigenous companies.
He proudly announced that, for the first time in years, Nigeria had met its OPEC quota, producing approximately 1.8 million barrels per day, including condensates.
Lokpobiri praised recent landmark transactions, including Oando’s acquisition of Nigerian Agip Oil Company (NAOC) from Italy’s ENI, Chappal Energies’ purchase of Equinor Nigeria’s assets, and Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited (MPNU). These deals, previously stalled, were finalised under President Tinubu’s administration, signaling a new era of strengthened local participation in the oil sector.
He further revealed that Shell Nigeria Limited had committed $5 billion in a final investment decision for the Bonga North project, with more groundbreaking investments expected in the coming months.
The minister announced the commencement of another oil bid round, inviting investors to take advantage of newly available fields.
However, he issued a firm warning that inactive operators would no longer be tolerated under the “drill or drop” rule of the Petroleum Industry Act (PIA).
Lokpobiri credited President Tinubu’s administration for implementing policies that have attracted investors, reduced contracting cycles, and enhanced transparency in the oil and gas sector.
He assured stakeholders that Nigeria remains the top investment destination in Africa, backed by regulatory clarity, improved fiscal incentives, and infrastructure development.
Addressing security concerns, he noted that proactive measures, including improved pipeline security and crackdowns on oil theft, had already yielded positive results, with production levels steadily rising. The government’s goal, he stated, is to increase oil production to 3 million barrels per day by the end of 2025.
Highlighting Nigeria’s efforts to end reliance on fuel imports, Lokpobiri noted that the country had fully deregulated the downstream sector, with ongoing rehabilitation of state-owned refineries and the operationalisation of private and modular refineries. These initiatives, he said, are not only reducing fuel scarcity but also creating jobs and positioning Nigeria as Africa’s refining hub.
He further stressed the government’s commitment to host community engagement, revealing that industry players have reported improved relations with oil-producing communities.
The administration, he assured, remains dedicated to addressing community concerns to ensure sustainable development.
In what he described as a “transformative initiative,” Lokpobiri announced the establishment of the African Energy Bank, a collaboration between the African Petroleum Producers Organization (APPO) and the African Export-Import Bank (Afreximbank).
The bank, he said, will provide financing solutions tailored to Africa’s energy needs, allowing the continent to control its own energy agenda and reduce dependence on foreign financial institutions.
“The energy market in Africa is vast and sufficient to cater for our energy needs,” he stated, calling on African industry players to unite and strengthen the continent’s bargaining power in global negotiations.
Concluding his address, Lokpobiri urged global investors, policymakers, and energy stakeholders to seize the opportunities within Nigeria’s petroleum sector.
He emphasised that the NIES summit serves as a platform for meaningful collaborations that will drive innovation, increase energy security, and foster long-term economic growth.
“Together, we can bridge continents, unlock Africa’s energy potential, and shape a sustainable energy future,” he declared.
…AKK pipeline will enhance gas supply to key industrial commercial hubs across Nigeria — Ekpo
Also, the Minister of State for Petroleum resources Gas, Hon. Ekperikpe Ekpo has disclosed that the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline will enhance gas supply to key industrial and commercial hubs across Nigeria.
He made the disclosure during his opening speech at the opening ceremony of the 8th ongoing Nigeria International Energy summit (NIES) held in Abuja on Tuesday.
The Minister said “to remain a flagship project in our national gas expansion drive, the AKK pipeline—spanning 614 kilometers—will enhance gas supply to key industrial and commercial hubs across Nigeria. “He stressed that with an expected completion date of 2025, this $2.8 billion initiative is poised to stimulate industrialization, create jobs, and attract investments in manufacturing and power generation.
Speaking on the theme for this year’s summit, “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential,” he outlined that it underscores the significance of collaboration and strategic partnerships in unlocking Africa’s vast energy resources.
He said, “This Gas Industry address will focus on infrastructure projects, policy and regulatory reforms, gas utilisation and export initiatives, domestic gas initiatives and a vision for the future.
Over the past two years, Nigeria’s gas sector has undergone remarkable transformation, marked by substantial advancements in infrastructure, policy reforms, gas utilisation, and domestic initiatives.
These milestones highlight our unwavering commitment to the renewed hope agenda of President Bola Ahmed Tinubu administration through maximising our abundant natural gas resources to drive economic growth, enhance energy security, and support the global transition towards cleaner energy solutions.
“In recognition of natural gas as a catalyst for Nigeria’s economic growth, President Bola Ahmed Tinubu has reaffirmed the government’s commitment to the Decade of Gas initiative. Launched in 2021, this policy aims to position Nigeria as a leading gas-powered economy by 2030 through infrastructure expansion, increased domestic utilization, and export growth. Key projects include pipeline development, gas-based industries, and gas-to-power initiatives.
“The government is also attracting investment in LNG, CNG, and gas-to-chemicals. By fostering a business-friendly environment, Nigeria is building a sustainable gas ecosystem that drives industrialization, job creation, and energy security, ensuring a cleaner and prosperous future.”
He revealed that the October 2024 agreement between Nigeria and international energy giants—Shell, TotalEnergies, and Eni—will supply 270 million standard cubic feet of gas per day to the $3.5 billion Brass fertilizer and petrochemical plant in Bayelsa State.
This initiative is expected to generate $1.5 billion annually in export revenue, reduce fertilizer imports by 30%, and save Nigeria approximately $200 million in foreign exchange annually.
He stated that in response to the removal of fuel subsidies in 2023 and the resultant surge in petrol prices, the government launched a nationwide CNG initiative to provide cost-effective and environmentally friendly transportation alternatives. With over 100,000 vehicles targeted for conversion and a $200 million investment in CNG infrastructure, this program is crucial in reducing transportation costs and promoting energy sustainability.
Mr. Ekpo reiterated that Nigeria is steadfast in its commitment to leveraging natural gas as a catalyst for economic growth, industrialisation, and energy transition, saying, “The initiatives we have undertaken over the past two years reflect our dedication to creating an enabling environment for investment, innovation, and sustainable energy solutions.”
“As we convene at NIES 2025, let us seize this opportunity to forge new partnerships, explore innovative financing mechanisms, and accelerate the development of Nigeria’s gas sector. Together, we can harness the potential of our abundant gas resources to drive Africa’s economic renaissance and position Nigeria as a global energy hub.”
