Mkpoikana Udoma
Port Harcourt — President Bola Tinubu has called for African nations to take ownership of financing their energy ambitions, stressing that the solution to the continent’s persistent energy poverty lies in mobilising domestic resources and aligning policies.
Speaking on behalf of President Tinubu at the opening of the Africa Energy Week in Cape Town, Nigeria’s Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, said Africa must retain more value from its vast hydrocarbon resources and chart a financing model that is not overly dependent on foreign capital.
“Nigeria is committed to playing a leadership role as Africa confronts the challenge of financing its energy future,” the Minister declared.
“We believe that for the continent to overcome the persistent issue of energy poverty, African nations must take ownership of financing solutions through strategic policy alignment, intra-continental collaboration, and optimized resource mobilization.”
Lokpobiri noted that Africa holds nearly $4 trillion in domestic capital, yet continues to struggle to fund its energy projects due to poor structuring and weak deployment strategies.
“The issue is not the absence of capital, but the lack of strategic deployment. That is why Nigeria strongly supports the establishment of the African Energy Bank in Abuja, as a bold step towards African-led, Africa-financed energy solutions.”
He added that Nigeria is leading by example, introducing reforms that improve transparency, attract foreign capital, and promote indigenous participation in the energy sector.
“In Nigeria, we are implementing reforms that create a transparent, investor-friendly environment, while enabling indigenous participation and attracting significant capital inflows,” Lokpobiri explained.
Industry stakeholders at the forum lauded Nigeria’s backing for the African Energy Bank, which is expected to provide tailored financing for oil, gas, and renewable projects across the continent at a time when traditional lenders are withdrawing from hydrocarbon investments.
