The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said Africa currently spends over $120 billion annually on hydrocarbons alone.
Mr Lokpobiri disclosed this at the ongoing 9th edition of the Nigeria International Energy Summit (NIES 2026) in Abuja.
He emphasised that this spending represents a lost opportunity for Africa, as it primarily funds the import of refined petroleum products and hydrocarbon-related services.
“Africa currently spends over $120 billion annually on hydrocarbons alone, a staggering outflow of capital.
“This level of expenditure, primarily on the importation of refined petroleum products and other hydrocarbon-related services, represents not just a financial cost, but a lost opportunity for economic transformation,” the minister said.
Hydrocarbons are organic compounds consisting of hydrogen and carbon found in fossil fuels like crude oil, natural gas, and coal.
He said if Africa can retain a proportion of that spending within the continent through localised value addition, infrastructure development, and industrial participation, the economic impact would be transformative.
The minister urged African countries to support the African Energy Bank (AEB), headquartered in Nigeria, to mobilise resources for energy development and retain hydrocarbon value within the continent.
“That is why we should support the African Energy Bank (AEB) with its headquarters in Nigeria. If we do not mobilise the appropriate resources to solve our energy problems in Africa, our misery will increase as our population grows; the responsibility is ours and ours alone.
“As the host country, we have fulfilled our obligations; the ball is in the court of the promoters to set the ball rolling,” he said.
Ultimately, he said this shift is not merely about energy self-sufficiency, but it is about economic sovereignty, industrialisation, and inclusive growth.
“Retaining hydrocarbon value in Africa means creating the fiscal space and investment capacity needed to power critical sectors such as healthcare, education, infrastructure, security and technology.
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“Our key focus should be around the energy trilemma of availability, accessibility and affordability of all forms of energy,” he added.
Mr Lokpobiri said no country in the world is abandoning its oil and gas.
“And you can rest assured that Nigeria will not either.”
He further stated that the story of Nigeria’s petroleum sector is being rewritten under President Bola Tinubu.
This new chapter, he said, is about bold partnerships, transformative projects, and shared prosperity.
“The reforms are in place. The opportunities are real. The leadership is committed. The timing is right. So, I invite you: come to Nigeria. Build with us. Profit with us.
Not as distant investors, but as co-architects of a future where Africa’s largest energy producer powers the continent’s growth and anchors global markets. Nigeria will lead. Africa will rise. The world will feel it,” he said.
