Nigeria and other countries face a potential energy crisis unless $700 billion annually is invested to sustain global energy supply, according to Senator Heineken Lokpobiri, Minister of State for Petroleum Resources.

Speaking at the 2025 Nigerian Association of Petroleum Explorationists (NAPE) Conference in Lagos, themed “Revitalizing Energy: Strategies for Petroleum Exploration and Production”, Lokpobiri emphasized the ongoing relevance of oil and gas in global energy security.

“Even those who once championed abandoning oil and gas now admit fossil fuels will remain a key component of global energy security for decades to come,” he said.

Nigeria’s Strategic Role in Global Energy

Lokpobiri highlighted Nigeria’s position as Africa’s leading oil and gas producer, urging renewed exploration to meet both domestic and global energy needs. He noted the decline in exploration activities across the country, stressing that licenses should no longer be held speculatively:

“Many operators hold assets for years without meaningful exploration. This cannot continue. We will implement the PIA’s provisions on license revocation to ensure that only those with proven capacity retain such assets.”

The minister also pointed to the Frontier Exploration Fund, deployed under the Petroleum Industry Act (PIA), as a key tool to stimulate exploration in new basins. He assured transparency and accountability in the fund’s management.

Emphasis on African-Led Energy Solutions

Lokpobiri underscored the need for African ownership of Africa’s energy future, cautioning against reliance on transition financing from developed nations. He reaffirmed support for renewable energy but emphasized that oil and gas will remain critical for sustaining economic growth amid the global slowdown in renewable investment.

“Those who told us to abandon our resources continue to exploit theirs. No one can care more about Africa’s energy future than Africans themselves,” he stated.

Government Support for Exploration and Innovation

The minister reassured industry players of the government’s commitment to enabling investment, adopting new technologies, and leveraging data-driven exploration, aligned with the administration’s eight-point agenda prioritizing energy security. He also praised NAPE’s contributions to capacity building and innovation in the petroleum sector.

Ondo State’s Contribution to National Energy Security

Ondo State Governor, Lucky Aiyedatiwa, called for homegrown strategies to reduce dependence on imported fuel and achieve energy self-sufficiency. Highlighting the state’s hydrocarbon resources, he noted:

• Daily crude oil output: ~60,000 barrels
• Largest bitumen deposit in Nigeria (second-largest globally)
• Landmark PPP agreement to establish a 500,000 barrels-per-day refinery in Ilaje LGA

The governor urged stakeholders to embrace a balanced energy mix, integrating renewables to strengthen economic diversification and sustainability.

“As Nigeria strives to diversify its revenue base, it is crucial to support and fund other sectors that can expand wealth creation and ensure sustainability,” he said.

Outlook

With strategic government policies, investment incentives, and African-led initiatives, Nigeria aims to unlock untapped oil and gas potential, maintain its leadership in Africa’s energy evolution, and safeguard global energy security.