Keypoints:
- Nigeria pushes regional energy integration
- $120bn annual fuel import bill targeted
- West African reference market planned
NIGERIA has renewed its call for continental cooperation to end Africa’s dependence on costly fuel imports, which drain over $120bn annually. At the Africa Oil Week 2025 Ministerial and CEO Leadership Forum in Accra, Ghana, Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri said integration was Africa’s strongest route to energy security.
The minister’s remarks were shared in a Tuesday statement by his media adviser, Nneamaka Okafor. Lokpobiri emphasised that shared infrastructure, harmonised standards and technical collaboration would help African countries secure their energy future. ‘Integration remains the most effective strategy to end Africa’s energy poverty,’ he said.
Curbing capital flight
Highlighting Africa’s heavy reliance on hydrocarbon imports, Lokpobiri revealed that the continent spends more than $120bn each year on fuel imports. ‘This is capital flight. These funds should remain within Africa to fuel our own development priorities,’ he said.
He disclosed that Nigeria is spearheading the creation of a West African Reference Market, designed to use the country’s growing refining capacity to supply petroleum products across the region and beyond.
Policy harmonisation to attract investment
Lokpobiri argued that Africa’s challenge is not a shortage of capital but the absence of unified regulations that inspire investor confidence. ‘Investors make long-term decisions based on stability and predictability. Africa must harmonise its policies to attract and retain investment,’ he noted.
The minister rejected claims that the Paris Agreement obliges Africa to abandon its oil and gas reserves. He called instead for responsible exploitation of the continent’s abundant resources. ‘Africa contributes only 3 per cent of global CO₂. We cannot lead an energy transition when we don’t even have energy. Our priority must be to responsibly harness our resources to power growth,’ he said.
Domestic import costs rising
Lokpobiri urged African leaders to unite around a shared energy vision, stressing that the continent has the market, population and resources to keep value within its borders and finance its own energy future.
According to data from the National Bureau of Statistics, Nigeria spent N2.3 trillion ($1.53bn) on petrol imports in the second quarter of 2025, up from N1.76 trillion in the first quarter. This brought total half-year spending on petrol imports to about N4.06 trillion. Petrol remained one of Nigeria’s top five imported commodities during the period, alongside durum wheat, gas oil, crude petroleum oils and cane sugar for refineries.
