The African energy market is vast, our resources are abundant, and the demand for energy continues to grow exponentially. Therefore, we must leverage every available measure and strategy to diversify our energy mix, address supply challenges, and attract more investment into our energy sector.
This, by every indication, means attracting and sustaining more investment in our energy sector. Nigeria is championing this cause through far-reaching reforms and fiscal incentives that continue to make the Nigerian energy market increasingly competitive and attractive to investors.
At the OTL Africa Downstream Week, I highlighted that for Africa to be spending over USD 120 billion annually on the importation of hydrocarbon products clearly indicates how vast and promising our energy market is. This reality calls for deliberate efforts to retain a significant portion of that value within the continent by developing our refining capacity, infrastructure, and market systems.
This is precisely what the West Africa Reference Market seeks to achieve, creating a framework that enhances regional self-sufficiency, competitiveness, and collaboration. Nigeria remains strategically positioned to continue playing a leading role in realizing this vision for Africa’s energy future.
Sen. Heineken Lokpobiri Ph.D.
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