*Secures $21b from foreign investor groups to boost oil & gas sector
WorldStage– To further combat Western capital restrictions on fossil fuels, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has disclosed that Nigeria will host the launch of the African Energy Bank in Abuja on January 4, 2027.
He made the disclosure at the 44th annual international conference of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos.
Lokpobiri urged domestic operators to leverage new technologies to extract Nigeria’s vast reserves of 37 billion barrels of oil and 215 trillion cubic feet of gas.
The Minister also disclosed that Federal Government has secured $21 billion in investment commitments from foreign investor groups to boost Nigeria’s oil and gas sector.
According to him, the $21 billion in pledges—divided into commitments of $15 billion and $6 billion—stem from his recent engagements at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
Lokpobiri attributed the influx of interest to global diversification trends spurred by geopolitical tensions near the Strait of Hormuz. Clarifying that these agreements are currently non-binding MoUs, the Minister stated the government is actively pairing these international groups with local energy firms.
