Nigeria Appeals for Global Investment and Partnership in African Energy at OPEC Seminar

CAPE TOWN, South Africa, July 11, 2025/APO Group/ --

Citing the need to prioritize energy security in Africa, Nigerian officials have issued a call for increased international financing, calling on global funders to reexamine their financing structures in support of African projects. Speaking at the 9^th OPEC International Seminar in Vienna this week, Nigeria’s Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri underscored the need for partners across the entire oil value chain, warning against weaponizing financing against Africa and urging radical change in attitude.

The declaration comes as the industry prepares to convene in Cape Town for the next edition of the African Energy Week (AEW): Invest in African Energies conference. Taking place September 29 to October 3, the event is positioned as the premier meeting platform for the African energy sector, convening stakeholders from the global and African energy landscape to discuss strategies for accelerating energy investments. The OPEC Roundtable returns to AEW: Invest in African Energies in 2025. With Africa holding approximately 7.8% of proven global oil reserves, OPEC’s African members play a crucial part in global supply chains. The roundtable will address fundamental challenges across the oil market, from financing to exports to domestic distribution and technology.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit http://www.AECWeek.com for more information about this exciting event.

Access to financing remains a critical challenge across OPEC’s African members. For Nigeria, inadequate investment in exploration and production has led to a dilemma, whereby the nation’s largest oil refinery Dangote – which came online in 2024 with a capacity of 650,000 barrels per day – has been faced with supply challenges despite the country holding some of the largest crude deposits in Africa. In June 2025, the facility imported approximately half of the crude it needs, and while plans are in place to shift to domestic crude for 100% of its feedstock by year-end, this highlights some challenges regarding security of supply and long-term resilience. Notably, with the country’s crude production experiencing a downward trend since 2020, Nigeria is making a strong play for international investment in exploration and field development. The country launched a licensing round in 2024, offering 12 marginal field blocks and seven deep offshore licenses. TotalEnergies was the only energy major to participate, securing a deepwater block.

As such, during the OPEC International Seminar, Minister Lokpobiri highlighted that “We want partners from upstream to downstream. Nigeria has enormous refining capacity but we don’t even have the crude to meet that demand. Whatever you produce in Nigeria services the entire West African region.” He warned that the global north is weaponizing financing against Africa and has urged for a radical change in attitude to enable the continent’s full participation in shaping global energy security. Investing across the oil value chain is a key step towards realizing this goal, and Nigeria is putting the measures in place to entice foreign spending.

In 2025, the country is expected to launch its next licensing round, focusing on discovered and undeveloped fields. This approach seeks to ensure no block is left behind, unlocking significant opportunities for both greenfield and brownfield discoveries. The country is also strengthening its investment structures through policies such as the Petroleum Industry Act (PIA) and the Upstream Executive Order. Signed into law in 2021, the PIA features improved fiscal and legal terms for the industry, while the executive order introduces a performance-based tax relief scheme to boost cost efficiency in petroleum operations. These policies significantly improve Nigeria’s petroleum business climate and global partners are encouraged to respond.

Stepping into this picture, AEW: Invest in African Energies 2025 offers a strategic platform for Nigerian government officials to showcase emerging investment opportunities across the country. Nigerian President Bola Ahmed Tinubu will address delegates at the event this September, reflecting the nation’s commitment to engaging financiers and regional stakeholders. An Invest in Nigeria Energies country spotlight will present lucrative opportunities in the country’s oil and gas market, from upstream to downstream. Meanwhile, key challenges will be addressed at the OPEC Roundtable. The roundtable is a high-level platform that convenes key ministers and stakeholders from African OPEC countries, providing an exclusive, data-driven spotlight on the tangible investment opportunities within their evolving energy sectors. The discussion is expected to go beyond spotlighting challenges, to formalize solution-oriented strategies to scaling-up production, enhancing value addition and creating long-term economic benefits for African OPEC nations.