Nigeria’s minister of state, petroleum resources, oil, Heineken Lokpobiri has called for more investments in the oil and gas sector amidst growing calls for energy transition.
Lokpobiri who made the call at the opening of a five day OTL africa downstream energy week in lagos monday while delivering his remarks on behalf of president bola ahmed tinubu noted that latest data has shown africa’s huge hydrocarbon potentials which currently stands at 120 billion dollars worth of value.
The minister who expressed concerns over the continent’s inability to comprehensively tap from these huge hydrocarbon potentials due to limited refining capacities, distribution network amongst other challenges said Nigeria is presently working towards ensuring that the country develops capacity to maximise value of its hydrocarbon resources. Heineken Lokpobiri said earlier in the year the country through the NMDPRA launched the west african gas market to position the country as a leading refining distribution hub in africa.
While calling on participants at the 2025 OTL downstream energy week to strengthen advocacy for the continued development of the oil and gas sector, Heineken Lokpobiri said this call has become imperative in the light of paradym shift by leading proponents of net zero ahead of 2050 deadline target. The minister noted that a latest report by the international energy agency for the united nations which declared that the world now needs to invest roughly 540 billion dollars annually for the upstream sector alone for the world to avoid energy crisis by the year 2050 shows how relevant the oil and gas sector would remain in the face of debate for the global calls for net zero.
The minister of state, petroleum resources, oil, who also took out time to x-ray president bola tinubu’s decision to remove subsidy on fuel applauded the dangote refinery describing the project as a good development not just for Nigeria but for the world pledging government’s continued support to ensure the refinery suceeds.
On his part, chairman OTL advisory board, adetunji oyebanji in his opening remarks at the event said the 2025 OTL downstream sector energy week just like previous editions is one that has also brought thought leaders, regulators, operators, investors and innovators to discuss ways to building a strong and sustainable future for the continent’s downstream sector. Oyebanji further declared that this year’s theme, “Energy sustainability: growth beyond boundaries and competitions” is not just timely but also visionary reflecting today’s realities of energy landscape.
