The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has disclosed that Afrexim bank already raised $19bn for the take-off of the Africa Energy Bank in Abuja.
He also urged African nations to forge a united front in the fight against energy poverty across the continent. Lokpobiri believes that by working together, African countries can overcome energy poverty, drive economic growth, and improve the lives of millions of people.
The Minister made this call during the opening ceremony of the Nigerian Pavilion, hosted by the Petroleum Technology Association of Nigeria at the ongoing Offshore Technology Conference in Houston, Texas, United States.
The Minister stated that by pulling resources, African countries can invest in large-scale energy projects, reducing costs and increasing efficiency.
According to him, collaboration can facilitate the exchange of best practices, technologies, and expertise, accelerating progress in the energy sector.
He also stressed the need for Africa to develop cohesive policies that are tailored to the continent’s unique circumstances, warning that fragmented approaches would be ineffective in addressing the escalating energy deficit.
“This conference is not a jamboree. It is a platform for Nigeria, and by extension, Africa, to showcase its vast potential,” Lokpobiri said.
He underscored the importance of regional collaboration, highlighting the Africa Petroleum Producers Organisation as a strategic entity established to devise shared solutions for the continent’s energy challenges.
Lokpobiri expressed his approval of Donald Trump’s return as President of the US, suggesting it could help decelerate what he termed the “hypocritical” global energy transition narrative, which he said has put Africa at a disadvantage.
According to him, the prevailing global discourse on energy transition is largely influenced by geopolitical considerations.
In response to this challenge, Lokpobiri announced that APPO is in the process of establishing the African Energy Bank to bridge funding gaps and ultimately free the continent from energy poverty.
“This is an opportunity to let you know that your concerns are gradually being addressed.
“As members of APPO, we are in partnership with Afrexim Bank, which during our last meeting disclosed that it has an exposure of nearly $14bn.
“This amount, along with an additional $5bn as the initial take-off capital, will be transferred to the African Energy Bank, bringing the total to over $19bn,” he disclosed.
He further stated that the African Energy Bank is scheduled to begin operations within the current quarter.
The PUNCH Online recalls that the bank missed its March take-off target.
Lokpobiri called on African nations to repatriate investments held overseas and channel them into the African Energy Bank to bolster the continent’s energy security.
During a meeting with his Ghanaian counterpart, he advised Ghana to draw lessons from Nigeria’s past experiences in the energy sector, particularly in avoiding early missteps.
In his address, he claimed Ghana’s Minister of Energy and Green Transition, John Abdullahi acknowledged Nigeria’s leading role in the region.
He stated that while Ghana is a relatively new player in the oil and gas sector, it is eager to learn from Nigeria’s experiences and reforms, especially in the areas of local content development and climate policy.
Quoting Abdullahi, he said, “We will continue to consult Nigeria as we build a successful oil and gas industry. The collaboration between both countries remains strong,” Abdullahi said.
Earlier, the Chairman of PETAN, Wole Ogunsanya, emphasised the significance of Nigeria’s presence at OTC.
Ogunsanya stated, “This year’s event, under the Nigerian Pavilion, is set to highlight Africa’s growing role in the global energy sector.
“OTC 2025 promises to bring together top-tier industry leaders, policymakers, and stakeholders at the world’s largest energy event.”
