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From Adanna Nnamani, Abuja
Nigeria has reaffirmed its leadership role in driving Africa’s energy security, with a call for deeper regional integration to end energy poverty on the continent.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made the charge in Accra, Ghana, at the Africa Oil Week (AOW) 2025 Ministerial and CEO Leadership Forum.
According to a statement issued by his Spokesperson Nnamaeka Okafor on Tuesday, Lokpobiri disclosed that Africa spends over $120 billion annually on hydrocarbon imports, describing it as capital flight that must be reversed.
“This is capital flight. These funds should remain within Africa to fuel our own development priorities,” he said.
The Minister noted that the real obstacle was not lack of capital but absence of aligned fiscal regimes and regulatory frameworks. “Investors make long-term decisions based on stability and predictability. Africa must harmonize its policies to attract and retain investment,” he stressed.
As part of Nigeria’s leadership drive, Lokpobiri unveiled plans for the creation of a West African Reference Market (WARM) to leverage Nigeria’s growing refining capacity in supplying petroleum products across the sub-region.
On the global energy transition, he insisted that Africa must prioritize its development needs while reducing emissions.
“The Paris Agreement does not require abandoning fossil fuels, but rather a reduction in emissions. Africa contributes only 3% of global CO2. We cannot lead an energy transition when we don’t even have energy. Our priority must be to responsibly harness our abundant resources to power growth,” he said.
The Minister urged African nations to unite around a common purpose, stating, “Africa has the market, the population, and the resources.
What we need now is to keep value within our continent and finance our own energy future.”
