As global funding shifts away from fossil fuels, Afreximbank has committed to backing investors with capacity to produce 10,000 barrels of oil per day (bpd) Minister of State for Petroleum Resources, Heineken Lokpobiri, disclosed this at the Practical Nigerian Content (PNC) Forum in Yenagoa, Bayelsa State on Wednesday.
He admitted that the global shift towards cleaner energy sources presents both a challenge and an opportunity, saying while Nigeria remains committed to harnessing its hydrocarbon resources, it must simultaneously explore opportunities in renewable energy and gas, which align with the global drive for sustainability.
He added that collaboration with international and indigenous players was crucial to ensuring that Nigerian Content initiatives thrive in a dynamic global environment.
Lokpobiri noted that the Africa Energy Bank is a key pillar in the endeavour, providing a robust financing mechanism to support large-scale energy projects and foster sustainable development across the continent.
According to him, as Africa looks to integrate its energy markets, there is a compelling need for Nigeria to lead, assuring that the African Continental Free Trade Agreement (AfCFTA) offers a framework to position Nigerian enterprises at the forefront of regional trade and collaboration in the energy sector.
