Lokpobiri warns of energy crisis, urges investment in oil, gas sector
Nigeria requires annual investments of 700 billion dollars to prevent an energy crisis while fossil fuels remain essential to global supply for decades ahead, Minister of State for Petroleum Resources Heineken Lokpobiri stated during the Nigerian Association of Petroleum Explorationists conference in Lagos. The minister warned that numerous license holders have left fields underdeveloped for years and pledged to enforce Petroleum Industry Act provisions allowing asset revocation from operators lacking the capacity to advance exploration projects.
Lokpobiri announced deployment of the Frontier Exploration Fund to stimulate activity in new basins while emphasizing that African nations must lead their own energy development rather than depend on unfulfilled transition financing from developed countries. Ondo State Governor Lucky Aiyedatiwa highlighted his region’s 60,000-barrel daily crude output and recalled a July 2025 partnership agreement with Backbone Infrastructure Limited and Nigerian National Petroleum Company to construct a 500,000-barrel refinery in Ilaje Local Government Area.
