President Bola Tinubu has emphasized the urgent need for Africa to assume control over its energy resources by establishing credible and transparent market benchmarks that genuinely reflect the continent’s unique realities.
Speaking on Tuesday ahead of the Global Commodity Insights Conference on West African Refined Fuel Markets set to take place in Abuja, Tinubu highlighted Nigeria’s commitment to collaborating with other regional partners to develop an integrated energy market that secures value for African countries.
The conference, organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in partnership with S&P Global Insights, will convene prominent energy stakeholders including regulators, traders, and policy experts. They will engage in discussions surrounding pricing strategies, regulatory frameworks, and the development of energy markets across Africa.
“Africa can no longer remain a price taker for its resources. It is time to establish credible, transparent benchmarks that reflect our realities and protect our economies,” Tinubu stated via his social media handle X.
He shed light on Nigeria’s ongoing reforms in refining, regulatory oversight, data transparency, and enhancement of trade flows aimed at reinforcing regional cooperation and economic integration. He further emphasized that the creation of an Africa-led reference market grounded in collaboration and regulatory alignment is central to achieving economic self-determination.
“We must price what we produce, trade on our terms, and secure value for our economies and future generations. This is how we shape our energy future,” the President asserted.
The two-day event will also examine issues of market stability, energy security, and investment potential within Africa’s midstream and downstream energy sectors, fostering a platform for economic advancement.
okay.ng reports
