Nigeria poised to become Africa’s energy investment hub, says Minister Lokpobiri

Nigeria’s Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, has emphasized the country’s vast potential as a major energy investment hub in Africa.

Speaking at the Africa Energy Week 2024 in Cape Town, South Africa on Saturday, Lokpobiri highlighted Nigeria’s status as home to nearly 30% of Africa’s oil and gas reserves.

“Our vast resources make Nigeria a natural destination for energy investments in Africa,” Lokpobiri stated, underscoring the Federal Government’s commitment to fostering an attractive investment environment through strategic reforms in the oil and gas sector.

President Bola Tinubu’s ongoing reform agenda demonstrates Nigeria’s readiness to become a globally competitive energy player.

Lokpobiri discussed recent executive orders aimed at incentivizing investors and removing bureaucratic delays in operational licensing.

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“Through these measures, we’re not only creating a level playing field but also ensuring that investors view Nigeria as a strategic and efficient market,” he affirmed.

The minister also addressed the crucial role of independent players in the industry, despite funding challenges. “The independents play a fundamental role in our oil sector. However, financing has been a persistent hurdle. We are addressing this challenge by establishing stronger financial frameworks to support local producers.”

The establishment of the Africa Energy Bank, a partnership between the African Petroleum Producers Organisation and AfreximBank, is expected to bridge funding gaps and open new financing channels. With Nigeria selected as its headquarters, the bank will provide financial stability and support to local and foreign investors.

Lokpobiri highlighted Nigeria’s fully deregulated oil sector, allowing unrestricted participation across all industry segments. “Our sector is fully open and ready for global partnerships. We invite all investors to explore the incredible opportunities Nigeria offers in oil and gas. Together, we can drive the industry towards a sustainable and prosperous future.”

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