Africa spends more than $120 billion annually on hydrocarbon imports, a situation Nigeria’s Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, Ph.D, says must change. Speaking at the Africa Oil Week (AOW) 2025 Ministerial and CEO Leadership Forum in Accra, Ghana, the Minister stressed that the continent needs to finance its own energy future.

In a statement issued to the media, Sen. Lokpobiri described the import spending as capital flight, calling for African nations to keep these funds within the continent to support development priorities. He emphasized that the real hurdle is not the lack of investment but inconsistent regulatory frameworks and fiscal policies across African countries.

“Investors make long-term decisions based on stability and predictability. Africa must harmonize its policies to attract and retain investment,” the Minister said.

As part of Nigeria’s efforts to lead regional energy integration, Sen. Lokpobiri announced the creation of the West African Reference Market (WARM), an initiative designed to use Nigeria’s growing refining capacity to supply petroleum products across West Africa.

On the global energy transition, he clarified that the Paris Agreement does not require abandoning fossil fuels but focuses on reducing emissions. “Africa contributes only 3% of global CO₂. We cannot lead an energy transition when we don’t even have energy. Our priority is to responsibly harness our resources to power growth,” he added.

Sen. Lokpobiri concluded with a call for unity among African nations: “Africa has the market, the population, and the resources. What we need now is to keep value within our continent and finance our own energy future.”