The Nigerian Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, has hinged the availability of finance as a crucial factor in attracting investment into Africa’s energy sector. He emphasized that for Africa to take a prominent space in the global energy mix, finance will remain a key determinant.
Lokpobiri, speaking on the sidelines of the 80th United Nations General Assembly at the 1st Annual Energy Investment Roundtable hosted by APPO, stressed that energy is the most vital investment that powers industries, homes, and drives economic growth.
He underscored that the establishment of the Africa Energy Bank will play a crucial financial role in securing Africa’s energy investment future. Thereby making these all-important resources accessible and sustainable to all sundry towards energy prosperity in the region
Nigerian Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, stated that the need for African-led solutions, as championed by Afreximbank and APPO led to the Africa Energy Bank and Nigeria is not relenting on this gesture; “Nigeria has demonstrated leadership by fully paying its share of the Africa Energy Bank (AEB) subscription, and I call on our people to invest in this homegrown institution. The AEB is more than a bank; it’s the backbone of Africa’s energy security and transformation.”
On the assessment of various fiscal incentives and executive orders put in motion by President Bola Ahmed Tinubu’s administration, the Minister highlighted that these efforts are paying off as Nigeria’s oil production is rising, local operators acquiring onshore assets through IOC divestments and all these economic growths are owing to the renewed investors’ confidence in the Nigeria oil and gas sector.
