Tinubu Calls for Africa-led Fuel Market Ahead of Abuja Energy Conference
President Bola Ahmed Tinubu has called on African nations to take charge of the continent’s energy future by developing a regionally integrated and Africa-led fuel market.
This call comes ahead of the West African Refined Fuel Conference, which kicked off today in Abuja, co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and international analytics firm S&P Global.
Speaking in anticipation of the two-day energy summit, President Tinubu stressed the urgent need for African countries to move away from being mere consumers and price takers in the global fuel industry. Instead, he urged stakeholders to create a harmonized and self-sustaining regional fuel economy, driven by collaboration, transparency, and infrastructural development.
“Africa must take its destiny into its own hands. We must set the benchmarks, drive our own pricing mechanisms, and ensure energy security for our people,” Tinubu declared.
The conference, holding from July 22 to 23 in Abuja, brings together government regulators, private oil companies, financial institutions, and regional bodies to discuss strategies for standardizing refined fuel markets across West Africa. Discussions are centered on the development of transparent pricing and data frameworks, regulatory harmonization across borders, infrastructure investment to enhance fuel transportation and storage, and strengthening refining capacities across the sub-region.
The initiative aligns with Tinubu’s broader advocacy for a just and equitable energy transition for Africa—one that protects domestic interests while promoting regional trade and economic integration.
According to the NMDPRA, the ultimate aim of the conference is to establish a West African reference market for refined petroleum products, thereby reducing dependence on external pricing systems and improving energy affordability across the continent.
Industry experts say this shift could help mitigate revenue losses, curb smuggling, and stabilize local fuel markets, especially in the wake of Nigeria’s removal of fuel subsidies and the shift towards natural gas and other alternatives.
This push for regional fuel market leadership is part of President Tinubu’s broader economic reform agenda, which includes strengthening local institutions, improving trade facilitation, and promoting homegrown solutions to Africa’s development challenges.
As the conference progresses, all eyes remain on Abuja as African policymakers, investors, and stakeholders explore ways to reshape the continent’s energy future on African terms.
