According to Lokpobiri, moving toward greener and more sustainable energy sources is necessary.
He said:
“We are actively pursuing initiatives to position Nigeria as a leader in this energy transition. As we navigate this change, Nigeria recognizes the need to strike a balance between meeting our growing energy demand and reducing our carbon footprint.
“The diversification of our energy mix, investments in renewable energy, and the adoption of cleaner technologies are all integral components of our strategy.”
According to him, Nigeria's investments fell by 69% between 2017 and 2022 compared to the global average decline of 28% in the oil and gas business for the same period.
He supported this claim by stating that the capital investment to reserve ratio illustrates the amount of capital allocated to a nation's accessible reserves.
In comparison to Angola (46%), Brazil (115%), Mozambique (92%) and Guyana (617%), he pointed out that Nigeria has an abysmal capital investment-to-reserve ratio of 5%.
The minister added that there is a rapidly closing window of opportunity for luring in fresh capital and investigating the enormous reserves. According to him, if the global energy revolution quickens, over 60% of Nigeria's reserves would become unprofitable to produce.
He added:
“Against this backdrop, we have identified that there are so many licenses with proven reserves that are not being optimized in the hands of IOCs, NOC, and others. In line with Mr. President’s Renewed Hope agenda, we are working on changing this narrative."
