#Nigeriadecides, GENERAL, Oil & Gas, Oil & Gas Box
By Ejenike Augustine
The highly anticipated conference on Africa’s energy landscape commenced on 11th February, 2025, at the prestigious Eko Convention Center, Lagos, Nigeria. The event, which featured a lineup of distinguished key speakers, saw the participation of Senator Heineken Lokpobiri, Ph.D., the Honourable Minister of State for Petroleum Resources (Oil) of the Federal Republic of Nigeria, who delivered a compelling keynote address that underscored the critical lessons Nigeria has learned in its oil and gas sector. His speech served as both a cautionary tale and a call to action for other African nations seeking to navigate the complexities of the energy industry.
The Minister began by emphasizing the importance of learning from Nigeria’s past missteps, stating unequivocally that other African countries present at the conference must not repeat the errors made by Nigeria. He reflected on the significant challenge he encountered upon assuming office the mass exodus of multinational oil service companies from Nigeria, with only a few exceptions, such as Saipem. This phenomenon, he explained, stemmed from a misconception that wealth could be generated effortlessly within the sector. He urged delegates to leverage platforms like the conference to share best practices, exchange strategies, and implement informed policies that prevent resource mismanagement.
Reinforcing Nigeria’s pivotal role in Africa’s energy sector, Senator Lokpobiri asserted that Nigeria remains the continent’s leading oil and gas producer due to deliberate technological advancements and sustained governmental commitment. He highlighted the remarkable transformation of indigenous oil firms, which now rival international oil giants in scale and capacity. According to him, African nations must foster interdependence and collaboration rather than perpetuate outdated models of economic reliance.
A notable aspect of his address was his critique of excessive outsourcing within the sector, which led the Nigerian government to issue an executive order curbing ‘middlemanism.’ He condemned 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.
In 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 stressed 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 honor 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.
On a more optimistic note, 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 encouraged stakeholders to engage with this institution, viewing it as a catalyst for long-term energy prosperity rather than a mere financial stopgap.
Concluding his address, Senator Lokpobiri reiterated the urgent need for sustainable, actionable investments over empty promises. He called upon African nations to develop robust local content policies, harness Nigeria’s experiences as a guiding framework, and strive for continuous improvement in the sector. His speech was not only a powerful exposition on Africa’s energy challenges but also an inspiring roadmap toward self-reliance and economic resilience.
The keynote resonated profoundly with attendees, leaving an indelible message: the solution to Africa’s energy conundrum lies within Africa itself. As the conference progressed, delegates were left with a renewed sense of purpose to chart a course for an energy-secure and economically empowered Africa.
E.A
11th Feb, 2025
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