Abuja, Nigeria – The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has emphasized that Africa does not require loans but rather strategic partnerships and direct investments to overcome its energy crisis and foster economic development.
Speaking at the 8th edition of the Nigeria International Energy Summit (NIES 2025) in Abuja on Tuesday, Lokpobiri underscored the need for long-term collaborations between African nations and global investors to unlock the continent’s vast energy potential. The summit, themed “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential,” brought together industry leaders, policymakers, and investors to discuss Africa’s role in the evolving global energy landscape.
‘Loans Are Not the Answer; Africa Needs Investments’
Recounting his experience at the World Economic Forum in Davos, Lokpobiri revealed that European officials had announced plans to make over €300 billion in loans available to Africa. However, he strongly opposed the approach, advocating instead for direct investments that would yield mutual benefits for both investors and African nations.
“I was in a panel discussion with eight other ministers from different parts of the world, and one of the ministers mentioned that Europe has about €300 billion available in loans for Africa. I told them, ‘We don’t need loans; we need investments. We need partnerships. Invest and make your returns rather than giving us loans,’” Lokpobiri stated.
According to the minister, Africa is rich in natural resources, but these resources hold little value unless they are developed and brought to market efficiently. He stressed that Nigeria, under President Bola Tinubu’s administration, has implemented policies to make the country an attractive destination for investors, ensuring that business opportunities are maximized while reducing reliance on external borrowing.
Nigeria’s Changing Energy Landscape: A Magnet for Investors
Lokpobiri highlighted that Nigeria’s oil and gas industry has witnessed a major transformation, making it a prime location for both new and existing investors. He noted that four major divestments, which had been pending for years, have now been successfully completed, further reinforcing investor confidence in the country’s business environment.
The minister also dismissed concerns about International Oil Companies (IOCs) leaving Nigeria, stating that no IOC is pulling out of the country but rather shifting focus to deep offshore projects.
“No International Oil Company is leaving Nigeria. In fact, they have assured me that Nigeria remains the best investment destination for them. Some of them are moving into deep offshore exploration, which is beyond the operational capacity of Independent Petroleum Producers Group (IPPG) members, but they are still here,” he asserted.
He further revealed that Nigeria is on the verge of securing $20 billion in new investments in the coming months, signaling strong confidence in the country’s energy sector.
Africa Must Unite to Solve Its Energy Poverty Crisis
Beyond Nigeria, Lokpobiri called on African nations to collaborate in addressing the continent’s energy poverty crisis, which has left 600 million people without electricity despite Africa being a major global energy exporter.
“We must work together to bridge the existing gaps in technology, finance, and human capital development. The only way Africa can achieve energy security and economic stability is through regional cooperation and resource pooling,” he urged.
In alignment with Lokpobiri’s stance, Dr. Omar Ibrahim, Secretary-General of the African Petroleum Producers’ Organisation (APPO), also voiced concerns about Africa’s over-reliance on foreign loans to fund critical energy projects.
The African Energy Bank: A Bold Step Toward Financial Independence
Dr. Ibrahim emphasized that Africa needs homegrown financial solutions to fund its energy ambitions instead of depending on international lenders. He explained that the establishment of the African Energy Bank (AEB), headquartered in Nigeria, is a strategic move to boost self-reliance.
“We are not against foreign financing, foreign technology, or foreign markets, but we must prioritize finding solutions from within before seeking external help,” Ibrahim stated.
The APPO Secretary-General lamented that while Africa exports 75% of its oil and 45% of its gas, millions of its citizens still lack access to basic electricity. He called on African leaders across all sectors—including government, academia, industry, and media—to rethink their approach to energy management and economic planning.
A Call for Sustainable Energy Policies and Partnerships
As Africa continues to experience rapid population growth and increasing energy demands, the summit participants agreed that the continent must shift from being a raw material supplier to a key player in the global energy market.
With Nigeria leading the charge in attracting foreign direct investments, policymakers and industry experts at the Nigeria International Energy Summit 2025 reinforced the need for sustainable energy policies, enhanced infrastructure, and stronger regional partnerships to harness Africa’s energy potential effectively.
The key takeaway from the summit was clear: Africa’s energy future lies in strategic investments, innovation, and continental cooperation—not in accumulating foreign debt.
