Nigeria is to harness its oil reserves and pursue its plans to increase oil output to fill the ”yawning gap” in Africa.

Heineken Lokpobiri, Minister of State for Petroleum (Oil), said this on Tuesday at the 13th Practical Nigerian Content Forum organized by the Nigerian Content Development and Monitoring Board (NCDMB) in Yenagoa.

Mr Lokpobiri explained that no country will stop producing fossil fuels when there are still markets.

“All these grammar for energy transition say we should stop production of fossil fuel. We will never stop the production of fossil fuel in Nigeria; no country in the world will stop it.

“In 2023, UK which contributed 4.8 per cent of global emissions, higher than the entire OPEC countries put together, entire African continent put together gave over 100 licenses to new companies for new exploration.

”America is the highest producer of fossil fuel, so why should we stop, those who are telling us to stop are themselves not stopping, so we should know that is about politics,” stated Mr Lokpobiri.

He added, “Let me also use the opportunity to tell the industry players  that with the emergence of Donald Trump as U.S. president, the price of oil maybe battered.

”What I want us to do is to increase our own production, Africa already has enough market. We can produce enough fuel to supply the West African region and the entire Africa, but our biggest challenge is funding.”

Also, the Minister of State for Petroleum (Gas), Obongemen Ekperikpe Ekpo, urged local businesses in the country to invest in GNG as gas will be a mainstay of the economy after the energy transition.

“Gas will be the mainstay of Nigeria’s energy shift, and we’re giving local businesses a chance to engage in gas distribution, processing and power generation.

”The probable replacement for PMS has been determined to be natural gas in the form of CNG.

“Let me reiterate this administration’s unwavering commitment to advancing local content as a cornerstone of our energy strategy. Together, we have the opportunity to build an energy industry that empowers Nigerians, strengthens our economy and contributes to the sustainable future,” he said.

(NAN)