Nigeria Assures Oil Dominance Despite Energy Transition

Nigeria's Minister of State for Oil, Heineken Lokpobiri, has assured that oil and gas will remain dominant in the global energy mix despite the ongoing transition to cleaner sources. Speaking at the West African Refined Oil Market Conference in Abuja, he stated that available data from international organizations show oil and gas will continue to play a significant role in meeting global energy demand.

Lokpobiri emphasized that Nigeria's strategic position in the global energy market can be leveraged to attract more investment, expand refining capacity, and strengthen its role in Africa's energy sector. He urged stakeholders not to be discouraged by concerns about the energy transition, stressing that the country remains critical to global energy security.

The minister highlighted Nigeria's efforts to reform the petroleum sector, unlock opportunities across the upstream, midstream, and downstream segments, and attract capital into refining and other activities. He also called for stronger cooperation among African countries and regulators to achieve regional integration and unlock the full potential of the continent's energy market.