The Federal Government of Nigeria has stated that if the Western Countries are truly serious about the reduction of global carbon emissions, the sum of $100 billion budgeted annually for the purpose should be invested in technology for greater efficiency.
Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated this at the closing ceremony of the Nigeria International Energy Summit (NIES) on Thursday in Abuja.
TheFact Daily reports that the N100 billion goal was a pledge by developed countries in 2009 to provide climate finance to developing countries, in a bid to reduce carbon emissions.
Senator Lokpobiri spoke on the backdrop of the calls from the global north for the continent to abandon its fossil fuels for renewable energy.
“If the global north is really serious about reducing emissions, the $100 billion annual budget that they pledged to spend should be invested in technology to reduce emissions. Instead of telling Africa to stop using fossil fuels to industralise. We will not stop,” he said.
The Minister said while the West is threatening to stop funding for fossil fuels, the African Energy Bank (AEB) would provide the required funding for the continent.
While acknowledging that Africa is facing a trilemma of energy available, accessibility and affordability, Lokpobiri said that could be addressed with sustainable investments in the sector.
Also Speaking, the Minister of State Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, said the theme for this year’s summit, “Bridging Continents: Connecting Investors Worldwide With Africa’s Energy Potential”, underscores the critical role Africa plays in the global energy transformation.
“It has also reinforced our commitment to fostering international collaboration to unlock the immense potential for our energy resources for sustainable development,” he said.
Hon. Ekpo said, “through insightful panel discussions, thought provoking keynote addresses and productive networking sessions, we have explored the challenges and possibilities within the energy landscape.
“We have reaffirmed our collective resolve to drive investments that will not only strengthen Africa energy security, but also will ensure equitable and just energy transition for all,” he said.
The Minister of Gas said Nigeria remains committed to creating enabling environment for investment in the energy sector, stating that President Bola Tinubu’s administration is actively implementing policies that promotes gas utilisation, enhance infrastructure development, and encourage the adoption of cleaner energy solutions.
He said the country recognising that natural gas is a vital transition fuel, is dedicated to leveraging it to drive industrialization, economic growth, and environmental sustainability.
Ekpo charged all the stakeholders who attended the summit to advance the discussions, agreements and partnerships fostered at the summit to transform the sector and Africa in general.
“As we conclude this summit, I urge all stakeholders to take the discussions, agreements, and partnerships from here forward with renewed vigor. The future of Africa’s energy sector is bright, and with sustained collaboration, innovation and investments, we will transform challenges into opportunities, and aspirations into realities,” he said.
On his part, the Permanent Secretary, Ministry of Petroleum Resources, Ambassador Nicholas Agbo said the summit has been a remarkable testament to the power of collaboration, dialogue, and shared vision, noting that with the over 5,000 delegates from 45 countries, several plenary sessions and technical workshops, and an impressive 4,182 square meters of cutting-edge exhibitions, NIES 2025 has reaffirmed its position as Africa’s foremost energy platform.
Amb. Agbo said the Federal Government’s dedication to positioning Nigeria as a leading energy hub has been a critical enabler for events like NIES and the broader growth of Africa’s energy landscape.
“The deliberations have reflected on the challenges and laid actionable pathways for Africa’s energy transformation, investment acceleration, and technology-driven growth,” he added.
He extended his profound gratitude to President Bola Tinubu, the Honourable Ministers of State for Petroleum Resources (Oil & Gas) – Senator Heineken Lokpobiri and Hon. Ekperikpe Ekpo, for their steadfast guidance, strategic foresight, and tireless efforts in ensuring the success of the summit.
