By: New telegraph

Citing the need to prioritize energy security in Africa, the Federal Government has issued a call for increased international financing, calling on global funders to reexamine their financing structures in support of African projects.

Speaking at the 9th OPEC International Seminar in Vienna, 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 per cent 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.

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.

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.