#Nigeriadecides, GENERAL, Oil & Gas, Oil & Gas Box
By Ejenike Augustine
THE Minister of State for Petroleum Resources, Oil, Sen. Heineken Lokpobiri, has hailed the pivotal role Nigeria is playing in Africa’s energy sector.
Delivering his Keynote address at the Sub-Saharan International Petroleum Exhibition and Conference, SAIPEC, on Tuesday in Lagos, Sen. Lokpobiri asserted that Nigeria remains the continent’s leading oil and gas producer due to deliberate technological advancements and sustained governmental commitment.
Highlighting the remarkable transformation of indigenous oil firms in Nigeria, the minister stated that these companies now rival international oil giants in scale and capacity.
He urged African countries to foster interdependence and collaboration rather than perpetuate outdated models of economic reliance.
The minister warned against excessive outsourcing within the industry, which led the Nigerian government to issue an executive order curbing ‘middlemanism’ in the sector.
According to him, the practice of individuals securing contracts they lack the technical capacity to execute, only to subcontract them to major corporations for a fraction of the value.
This inefficiency, he argued, undermines Africa’s ability to harness its full economic potential and must be addressed through robust policy frameworks.
Assessing Africa’s economic trajectory, the Minister underscored the distinct governance challenges the continent faces. “While other regions expand their investment portfolios, Africa remains disproportionately dependent on external assistance. “Africa does not need helpers; Africa needs investors and partners,” he declared, urging African leaders and entrepreneurs to take charge of their economic destinies by investing in their own energy sectors.
He said that Nigeria’s historical fuel-related challenges should serve as a lesson for the entire continent to proactively devise indigenous solutions rather than wait for external interventions.
Furthermore, he provided a thought-provoking commentary on the nature of political commitments, stating that while promises may be freely made, they often lack enforceability. Unlike contracts, which carry legal obligations, political pledges are seldom upheld with sincerity.
“A promise is not a crime,” he remarked. “You cannot sue someone for failing to honour a mere verbal commitment, nor can you impose sanctions for a failure to act.”
He lamented the absence of genuine intent behind many international commitments made to Africa, stressing that the continent must take ownership of its energy future rather than rely on unreliable pledges.
The minister commended the establishment of the Africa Energy Bank, a landmark initiative poised to revolutionize the sector. With an initial capital base of approximately $5 billion, sourced from development-focused nations and affiliated financial institutions, the bank is designed to facilitate sustainable investments in Africa’s oil and gas industry.
He urged stakeholders to engage with this institution, viewing it as a catalyst for long-term energy prosperity rather than a mere financial stopgap.
The minister reiterated the urgent need for sustainable, actionable investments over empty promises and called on African nations to develop robust local content policies, harness Nigeria’s experiences as a guiding framework and strive for continuous improvement in the sector.
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11th Feb, 2025
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