By Mariam Eko
Nigeria’s Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, recently announced that the country’s crude oil output has increased from 1 million barrels per day to 1.8 million barrels per day. The government aims to further boost production to 2.5 million barrels daily, driven by growing interest from American firms eager to invest in Nigerian oil fields.
During the inaugural Africa Energy Investment Summit (AE Invest 2025) held in New York, Senator Lokpobiri highlighted the continent’s revitalized optimism and the surge in investments within Africa’s energy sector. He emphasized the importance of fossil fuels in Africa’s economic development, stating, “Africa should not be misled into abandoning fossil fuels while Western nations continue to ramp up their production. Our hydrocarbons are the foundation for financing our energy transition-not foreign aid or donations.”
Representing the Vice President of Equatorial Guinea, H.E. Nguema Obiang Mangue, the Minister of Hydrocarbon Mining Development, H.E. Antonio Oburu Ondo, stressed the urgency for Africa to regain control over its energy resources. He remarked, “Despite Africa accounting for 40% of global natural resource discoveries, the continent remains dependent on financial centers in London, Paris, and New York. Energy financing is a matter of sovereignty. We must establish an African Energy Bank, leverage our sovereign wealth and pension funds, and assert Africa’s rightful position as a leader in the global energy landscape.”
H.E. Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO), the summit’s organizer, pointed out that the United Nations General Assembly (UNGA) serves as a crucial gathering for leaders and investors. He noted, “UNGA provides the perfect environment to foster connections, facilitate dialogue, and unlock the capital necessary to power Africa’s energy future.”