Cecilia Umoren has called for greater trust, policy stability, and governance reforms as key conditions for unlocking large-scale capital inflows into Africa’s energy sector.
Speaking at the Offshore Technology Conference (OTC) 2026, in a session hosted by the American Business Council Nigeria and the American Chamber of Commerce in Ghana at the African Round Table, Umoren said the continent’s challenge is not a lack of opportunity, but uncertainty around execution and consistency.
She noted that investors are already aware of Africa’s vast energy potential, but remain cautious about risks tied to shifting policies, contract enforcement, and regulatory unpredictability.
“Capital does not fear Africa. Capital fears uncertainty,” she said, emphasizing that stability and predictability are more critical to investment decisions than resource availability.
Umoren, who leads Millennium Oil and Gas Company Limited, argued that strong governance structures within local companies and institutions play a decisive role in reducing the cost of capital and improving investor confidence.
She stressed that weak corporate governance and opaque reporting frameworks increase investment risk, while transparent systems and strong boards help attract and sustain funding.
The energy executive also cautioned against overreliance on foreign capital, noting that local investment confidence is often a stronger signal for international investors.
According to her, Africa’s energy transition must also be grounded in practical realities, particularly the continent’s ongoing struggle with energy poverty. She described natural gas as a critical “bridge fuel” in ensuring energy access while pursuing long-term climate goals.
Umoren concluded by urging investors to move beyond observation and engage more directly with African markets, stating that long-term partnerships and trust-building are essential to unlocking sustainable growth in the sector.