The Chairman of the OPEC Board of Governors for 2025, Adeyemi-Bero, has called on Nigerian oil producers to shift away from exporting raw crude and prioritise domestic refining and value addition.
Speaking at the Nigerian Association of Petroleum Explorationists (NAPE) Pre-Conference Workshop in Lagos, Adeyemi-Bero emphasised that Nigeria must stop being an export-driven oil economy and instead build a value-driven energy sector.
He argued that decades of crude exports have deprived Nigeria of industrial growth opportunities, noting that countries like Saudi Arabia, the UAE, Qatar, and Brazil have expanded their energy value chains by retaining resources locally. “We need to decline exports. The baton has been placed in our hands,” he said, urging local operators to take ownership of Nigeria’s energy future.
Adeyemi-Bero praised the impact of the Dangote Refinery, stating that its local fuel production helped President Bola Tinubu avoid reinstating fuel subsidies. He added that domestic refining has strengthened Nigeria’s GDP and foreign exchange position, and could further stabilise the naira if oil transactions are conducted in local currency.
He warned that failure to shift from crude exports to local value creation could lead to long-term economic decline. “If we don’t do this over the next decade, we have failed,” he said, stressing that energy access and security are essential to achieving Nigeria’s $1 trillion economy target.
NAPE President Johnbosco Uche echoed the urgency, calling for increased production and sustained technical excellence to meet Nigeria’s three million barrels per day goal. He emphasised that revitalising exploration and production strategies is key to energy security and sustainable development.
The workshop served as a platform for industry leaders to align on strategies that will reshape Nigeria’s petroleum sector and drive inclusive growth.
