By: Business day

Sen. Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), has stated that Africa does not need loans but rather strategic partnerships and investments to address energy poverty and drive economic growth on the continent.

Lokpobiri made this statement on Tuesday in Abuja, at the 8th edition of the Nigeria International Energy Summit (NIES 2025), themed “Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential.”

The minister said that strategic policies by President Bola Tinubu’s administration had proven Nigeria’s readiness and commitment for business.

“In January at Davos, I was in a panel with eight other ministers of different parts of the world and one of the ministers said that Europe has about 300 billion euros available for loans to Africa.

“I suggested to them that we don’t need loans rather we need investments, we need partnerships. Invest and then make your returns instead of giving us loans.

“I can assure you that the world is ready to invest in Africa, the world has recognised that Africa has enormous resources, but these resources have no value unless we are able to bring them to the market,” Lokpobiri said.

The minister said that the current administration had changed the entire energy landscape in Nigeria, making the country an investment destination for new investors and those who had earlier mulled plans of divestment.

According to him, Nigeria has shown readiness for business and that is why four major divestments that were pending before have been completed.

He said Nigeria had developed or grown enormous local capacity, enabling indigenous companies to be acquiring assets with capacity to run these companies in a profitable manner.

“Nigeria has nothing to lose.

“No International Oil Company (IOC) is leaving Nigeria, all the IOCs cannot find a better location than Nigeria for business. They told me that Nigeria is still the best destination and they are firm in their commitment to say they are not leaving Nigeria.