Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), has underscored Nigeria’s substantial potential as a top energy investment destination in Africa.

During remarks at the Africa Energy Week held in Cape Town, Lokpobiri highlighted that Nigeria holds close to 30% of Africa’s oil and gas reserves. This strategic advantage, he noted, is coupled with the government’s commitment to creating a favorable investment climate through reforms in the oil and gas sector.

“Our abundant resources position Nigeria as a prime location for energy investments across Africa,” Lokpobiri stated. He explained that the current reform initiatives under President Bola Tinubu aim to position Nigeria as a competitive player on the global energy stage. Lokpobiri outlined recent executive actions to attract investors, including the streamlining of licensing processes to eliminate bureaucratic delays.

“These efforts not only establish fair conditions for all participants but also reinforce Nigeria’s image as a strategic and efficient market,” he affirmed.

Lokpobiri also addressed the crucial contributions of independent operators within the energy industry. Despite persistent financing obstacles, these players are vital to advancing local development and capacity building within Nigeria’s oil sector.

“The role of independent companies in our oil sector is essential. Yet, funding has been a longstanding challenge, and we’re addressing this by creating stronger financial support frameworks for domestic producers,” Lokpobiri added.

The minister described the launch of the Africa Energy Bank as a groundbreaking initiative. Formed through a partnership between the African Petroleum Producers Organisation and AfreximBank, this specialized financial institution is intended to close funding gaps in Africa’s energy sector.

“With Nigeria chosen as its headquarters, the bank aims to open up new funding opportunities, boost investor confidence, and accelerate industry growth. The Africa Energy Bank will bring the financial security and support necessary for both local and international investors,” Lokpobiri remarked.

He further stressed the benefits of Nigeria’s deregulated oil sector, which allows free participation across the industry. He encouraged investors to seize opportunities in this open environment, which removes barriers and promotes healthy competition.

“Our industry is fully open for international collaborations. We invite all investors to explore Nigeria’s remarkable potential in oil and gas. Together, we can advance the sector toward a sustainable and prosperous future,” Lokpobiri concluded.