Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources in Nigeria, revealed that Afreximbank would invest $19 billion to establish the African Energy Bank. This funding is intended to address energy poverty, stimulate economic growth, and enhance the quality of life for millions across the continent.
Lokpobiri made the announcement during the opening ceremony of the Nigerian Pavilion at the Offshore Technology Conference (OTC) in Houston, Texas. The event focused on “Africa’s Energy Renaissance: Leveraging Innovation and Natural Gas for Sustainable Development.” He emphasized that pooling resources from African nations could drive large-scale energy projects and bring about meaningful changes.
The minister highlighted the need for African countries to develop cohesive energy policies tailored to their specific needs, warning that fragmented approaches would not effectively address the growing energy deficit. He stressed that the conference was not just a ceremonial gathering but a crucial platform for showcasing Africa’s potential.
Additionally, Lokpobiri discussed the role of regional collaboration, noting the Africa Petroleum Producers Organisation (APPO) as an essential entity for developing shared solutions to the continent’s energy challenges. He also pointed out that global energy transition discussions are often shaped by geopolitical factors, adding that APPO is working on the African Energy Bank to bridge funding gaps and reduce energy poverty.
In a separate meeting with Ghana’s Minister of Energy and Green Transition, John Abdullahi, Lokpobiri offered advice based on Nigeria’s experiences in the energy sector, particularly on avoiding early mistakes. Abdullahi acknowledged Nigeria’s leadership in the region and expressed Ghana’s eagerness to learn from Nigeria’s reforms, especially in local content development and climate policy.
PETAN Chairman Wole Ogunsanya also underlined the importance of Nigeria’s presence at the OTC, stating that the event would highlight Africa’s growing role in the global energy sector. The 2025 edition of OTC is expected to attract key industry leaders and policymakers to discuss the future of energy.
