African countries must intensify efforts to reshape global energy conversations by advocating an energy mix that reflects the continent’s development realities, the Minister of State for Petroleum Resources, Mr Heineken Lokpobiri, has said.
Speaking at the 10th Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos, Mr Lokpobiri said Africa should not be denied the opportunity to responsibly develop its oil and gas resources as it confronts energy poverty and seeks faster economic growth.
He argued that fossil fuels would remain central to Africa’s energy future for decades, despite the global push for energy transition, and noted that international institutions are increasingly acknowledging the need for balanced and pragmatic energy strategies.
Referring to recent changes in the outlook of the International Energy Agency, the minister said the global narrative was shifting towards an energy mix that accommodates both renewable and conventional energy sources.
Mr Lokpobiri stressed that Africa had barely tapped its energy potential and questioned why the continent, which contributes a relatively small share of global carbon emissions, should bear a disproportionate burden of emissions reduction.
He praised PETAN for bringing together African energy stakeholders and urged service companies to deepen local capacity, reduce costs and play stronger roles in value creation rather than remaining intermediaries.
The minister also drew attention to the continent’s spending of over 120 billion dollars each year on imported oil and gas services, saying that retaining even 20 per cent of this value locally would have a significant economic impact.
On funding, he identified limited access to capital as a key constraint and expressed confidence in the African Energy Bank as a solution, disclosing that Nigeria had already met about 70 per cent of its capital commitment.
In her remarks, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, called for increased investment in capital, technology and governance to achieve sustainable energy growth across Africa.
Mrs Eyesan said Africa’s progress depended on coordinated strategies that prioritise capital mobilisation, workforce development, technology deployment and stable regulatory frameworks. She stressed that transparent, predictable governance systems were essential for investor confidence, while domestic capital formation should complement foreign investment.
She highlighted the growing role of African independent operators in driving investment and described the African Energy Bank as a milestone in strengthening the continent’s financial capacity.
Mrs Eyesan also announced the launch of Nigeria’s 2025 oil and gas licensing round, offering 50 blocks across various terrains, and invited investors from across Africa and beyond to participate.
She said SAIPEC 2026 reflects Africa’s collaborative vision by attracting investment, encouraging regional cooperation and positioning the continent as a reliable and responsible global energy partner.
