Nigeria’s oil output has surged to 1.8 million barrels per day, up from 1 million, with the country aiming to hit 2.5 million barrels per day, according to Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil).
He also highlighted growing interest from American firms in investing in Nigerian oil blocks.
Speaking at the inaugural Africa Energy Investment Summit in New York, Lokpobiri emphasized Africa’s renewed investor confidence and the resurgence of the continent’s energy sector.
Making a case for continued fossil fuel investment in Africa, Lokpobiri stated:
“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.”
Representing the Vice President of Equatorial Guinea, H.E. Nguema Obiang Mangue, the country’s Minister of Hydrocarbon Mining Development, H.E. Antonio Oburu Ondo, also called for urgent measures to reclaim Africa’s energy sovereignty.
“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.”
Secretary General of the African Petroleum Producers Organization, the summit’s organizers, H.E. Dr. Omar Farouk Ibrahim, emphasized the role of the United Nations General Assembly in driving investment, “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.”
