started. Today, the bank is huge,” he said.
Lokpobiri stressed that the Africa Energy Bank must commence operations without further delay to support oil and gas financing across Africa.
“This specialised bank needs to take off without any further delay so that we will be able to raise the funding needed. If we have to solve Africa’s energy problem, the solution is raising capital to finance Africa’s oil and gas projects,” he said.
The minister also accused countries in the global North of using financing as a tool to undermine Africa’s energy ambitions, insisting that the continent must develop homegrown solutions.
“The global North has always used financing as a weapon against the continent, and this is the time for us to find a homegrown solution to our financing problem,” he said.
As SAIPEC marked its 10th edition, Lokpobiri urged the Petroleum Technology Association of Nigeria to set targets for the next decade and assured them of the Federal Government’s support, stressing the need to reduce the cost of oil production as Nigeria’s cost per barrel remains among the highest globally.
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