Senator Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources, recently announced that the country’s oil production has increased to 1.8 million barrels per day (bpd), up from 1 million bpd. He emphasized that the target is to reach 2.5 million bpd, noting that American companies are showing a growing interest in investing in Nigeria’s oil blocks. Speaking at the inaugural Africa Energy Investment Summit (AE Invest 2025) in New York, Senator Lokpobiri highlighted Africa’s renewed optimism and the resurgence of investment in the continent’s energy sector.

During a panel discussion, Lokpobiri made a compelling argument for continued investment in fossil fuels in Africa. He argued that Africa should not be misled into abandoning fossil fuel production while Western countries continue to expand their own. According to him, Africa’s hydrocarbons will play a crucial role in financing the continent’s energy transition, emphasizing that this will not come from charity or foreign aid.

At the same summit, H.E. Antonio Oburu Ondo, representing the Vice President of Equatorial Guinea, called for immediate action to regain control over Africa’s energy future. He pointed out that Africa possesses 40% of the world’s natural resources but remains dependent on financiers in places like London, Paris, and New York. He stressed that energy finance is a matter of sovereignty and urged the creation of an African Energy Bank. By mobilizing sovereign wealth and pension funds, Africa could secure its rightful position as a global energy leader.

In a similar vein, H.E. Dr. Omar Farouk Ibrahim, the Secretary-General of the African Petroleum Producers Organization (APPO), who was one of the summit’s organizers, highlighted the importance of the United Nations General Assembly (UNGA) as a platform to bring together African leaders and investors. He noted that the UNGA offers a unique opportunity to connect, engage, and unlock funding for Africa’s energy future. The summit underscored the necessity for strategic investment and collaboration to advance Africa’s energy agenda.