Despite pressure from the West to stop investing in fossil fuels, Nigeria’s Federal Government said on Tuesday to Western countries in America and Europe that it would not stop exploring for fossil resources.
Additionally, it said that several American and European nations had been investing in fossil fuels and were requesting that Africa halt further prospecting for crude oil on the continent.
Heineken Lokpobiri, the Minister of State for Petroleum Resources, made these revelations during a meeting in Abuja. He also said that the Federal Government was making a lot of effort to stop international oil corporations from completely withdrawing from Nigeria.
Speaking, he said, “I was in Davos in January and I was privileged to participate in several panels and everybody was talking about the abandonment of fossil fuels, and that people should not invest in fossil fuels. And I ask one American diplomat by saying look, why don’t you start with America?
“America is the highest producer of oil, they are ramping up production but they are asking us to stop. Remember that last year, the United Kingdom, under the present prime minister, gave about 100 licences for oil exploration.
“This means that the West is not slowing down in exploration, but we are being asked to slow down or stop investments in fossil fuel. I’ve always told them that we are not the problem, we are the victims and we will transit at our own pace.”
The minister pointed out that while many Western nations, including Norway, were still funding the search for fossil fuels, they had been pressuring African nations to stop producing them.
“Our target is to explore these resources in a more environmentally friendly and sustainable way. We are not stopping! We need the money to be able to transit, and for us to transit, we will get the right investments,” Lokpobiri disclosed.
In addition, he said that in order for the nation to fulfill its duties on the international and domestic fronts, crude oil production needs to rise.
He voiced hope that, once the refineries are operational, the need for foreign currency for the import of petroleum products will decline due to Nigeria’s refineries being restored.
“Port Harcourt refinery, the first phase has started, Warri is about to be completed between now and the next two months, Kaduna will come. All will be rehabilitated,” the petroleum minister stated.
Moreover, Lokpobiri emphasized to the attendees of the world summit that no foreign oil company was departing Nigeria and that they were simply venturing deep offshore.