Despite the pressure mounted by the West, the Federal Government has made it clear to Western nations in America and Europe that Nigeria would stop exploration of fossil fuels.

It was said that few Countries in America and Europe had been investing in fossils but Africa were asked to stop further exploration of crude oil on the continent.

Heineken Lokpobir, the Minister of State for Petroleum Resources, who disclosed in Abuja, at a summit, said the Federal Government has been working deligently to stop the divestiture of International Oil Companies out of Nigeria.

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?

“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.”

“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.

Lokpobiri, stressed that alot of countries in the West and Norway were still investing in fossil fuel exploration, but they had urge African countries to stop the production.

“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 stated.

The Minister also noted that the country must increase its crude oil production in order to meet both domestic and international obligations.

He expressed confidence that with the rehabilitation of NIgeria’s refineries, the demand for foreign exchange for the importation of petroleum products would be reduced once the refineries come on rivulet.

“I’m aware that most of our forex goes to the importation of refined products, but now that we are rehabilitating our own refineries, which will come into full operation by the end of this year, some of them have already started.

“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.

Lokpobiri further tells Minister at the global summit that no international oil company was leaving Nigeria, reavealing that they were only going deep offshore.

“No IOC is leaving Nigeria, they are mainly going deep offshore. And deep offshore involves billions and is exclusive for the IOCs, because it requires billions of dollars which the indigenous players may not be able to raise the funding for,” Lokpobiri stated.

He noted  that all divestment issues would be resolved within a very short time based on the directive of the  President.

The development came as the Nigerian National Petroleum Company Limited stated that its role in the divestment of the IOCs from onshore and shallow water assets in the country was that of a facilitator and not an obstacle.