The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has emphasized that Africa requires strategic partnerships and investments rather than loans to address energy poverty and drive economic growth.
Speaking at the 8th Nigeria International Energy Summit (NIES 2025) in Abuja on Tuesday, Lokpobiri stated that policies implemented by President Bola Tinubu’s administration had demonstrated Nigeria’s readiness for business.
“In January at Davos, I was in a panel with eight other ministers, and one of them mentioned that Europe has about 300 billion euros available for loans to Africa. I told them that we don’t need loans; we need investments and partnerships. Invest, make your returns, and don’t just give us loans,” he said.
He further noted that the global investment community recognizes Africa’s vast resources, but these resources must be brought to market to create real value.
According to Lokpobiri, Nigeria’s energy landscape has significantly transformed, making it an attractive destination for investors. He highlighted the completion of four major divestments and the increasing role of indigenous companies in acquiring and managing energy assets.
“No International Oil Company (IOC) is leaving Nigeria. They have told me Nigeria remains the best destination for their business. At worst, they are moving to deep offshore, which is beyond the capacity of Independent Petroleum Producers Group (IPPG) members,” he said.
The minister revealed that Nigeria is set to secure $20 billion in investments in the coming months and urged Africans to unite in addressing energy challenges.
Similarly, Dr. Omar Ibrahim, Secretary-General of the African Petroleum Producers’ Organisation (APPO), criticized Africa’s reliance on foreign loans. He said APPO’s collaboration with Afrexim Bank to establish the African Energy Bank (AEB), headquartered in Nigeria, was aimed at reducing external financial dependence.
“We are not against foreign finance, technology, or markets, but we must first look within before seeking external solutions. The only way to overcome our challenges is through collaboration and pooling resources,” Ibrahim stated.
He lamented that despite Africa exporting 75% of its oil and 45% of its gas, 600 million Africans still lack electricity. He called for critical reflection among African leaders to drive meaningful change for the continent’s growing youth population.
