March 27, 2023
Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said that Nigeria’s
oil production rose to 1.8 million barrels per day, from 1 million, adding that the goal is to reach 2.5
million bdp, as American companies are already showing strong interest in investing in Nigerian oil
blocks. Speaking at the inaugural Africa Energy Investment summit, (AE Invest 2025) held in New York
recently, Senator Lokpobiri during a panel session underscored Africa’s renewed confidence and the
resurgence of investment in the continent’s energy sector.Making a strong case for continued
investment in fossil fuel in Africa, Lokpobiri noted: “Africa must not be deceived into abandoning fossil
fuels while the West continues to expand production. Our hydrocarbons will finance our transition , not
charity, not aid.”
Also speaking, representing Vice President of Equatorial Guinea, H.E Nguema Obiang Mangue, the
Minister of Hydrocarbon Mining Development, H.E. Antonio Oburu Ondo, called for urgent action to
reclaim control over Africa’s energy destiny.
“Africa holds 40% of the world’s natural resource discoveries yet remains at the mercy of financiers in
London, Paris, and New York. Energy finance is a question of sovereignty, we must build the African
Energy Bank, mobilize our sovereign wealth and pension funds, and secure Africa’s rightful place as a
global energy leader.”
The Secretary General of the African Petroleum Producers Organization, APPO, the initiators of the
summit, H E Dr. Omar Farouk Ibrahim, said “the United Nations General Assembly, UNGA, brings all our
leaders and investors together, making it the ideal platform to connect, engage, and unlock funding for
Africa’s energy future.”