Nigeria’s oil production has risen to 1.8 million barrels per day (bpd) from 1 million, with a target of 2.5 million bpd in sight, according to Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.
Speaking at the inaugural Africa Energy Investment Summit (AE Invest 2025) in New York, Lokpobiri said American companies were showing strong interest in acquiring oil blocks, adding that fossil fuels would remain Africa’s backbone for financing energy transition.
“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,” he said during a panel session.
Also at the summit, Equatorial Guinea’s Minister of Hydrocarbon Mining Development, Antonio Oburu Ondo, representing Vice President Nguema Obiang Mangue, urged Africa to reclaim sovereignty over its energy future.
“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 sovereign wealth and pension funds, and secure Africa’s rightful place as a global energy leader.”
Secretary General of the African Petroleum Producers Organization (APPO), Dr. Omar Farouk Ibrahim, said the timing of the summit alongside the UN General Assembly provided “the ideal platform to connect, engage, and unlock funding for Africa’s energy future.”
