Heineken Lokpobiri, minister of State for Petroleum Resources (Oil), has said that Nigeria and other African countries need strategic investment and partnership to bolster their economies and ensure energy security.
The minister, who spoke during the 54th annual meeting of the World Economic Forum (WEF) ongoing in Davos, Switzerland, restated Africa’s stance on the global transition from fossil fuels to renewable energy, stressing that the continent’s contributions to global emissions stand at a modest three percent.
Urging against precipitous actions that could impede the continent’s economic growth, he said, “Africa, including Nigeria, cannot hastily transition with aid or grants. What we need is a strategic investment in our fossil fuels sector to bolster our economy and ensure energy security.”
“The conversation should be about fostering strategic partnerships and attracting investment, not enforcing timelines that could undermine our economic stability.”
In a statement issued by Nneamaka Okafor, his special adviser on media and communication, the minister echoed the sentiment that transitioning should not be a rushed process but a carefully orchestrated collaboration between nations and industries.
He further said, “With a projected transition plan and renewable energy investment of $1.9 trillion and $1.2 trillion by 2060, respectively, Nigeria recognises the need to rely on its fossil fuels to finance this transition.
“We need to shift the focus from deadlines to meaningful investment and collaboration. This is not just about Nigeria; it’s about global partnerships that benefit everyone involved.”
Speaking on Nigeria’s commitment to responsible exploration, Lokpobiri said that Nigeria would balance economic growth with environmental responsibility while emphasising the need for a balanced approach that fosters economic growth and ensures environmental sustainability.