Prioritise Domestic Refining, Value Addition, OPEC Governor Urges Nigeria

The Chairman of the OPEC Board of Governors for 2025 has called on Nigerian oil producers to shift focus from crude oil exports to domestic refining and value creation, stressing that the future of the global oil market lies in innovation and self-sufficiency.

Speaking during a high-level energy forum, the OPEC Governor emphasised that Nigeria, as one of Africa’s leading oil producers, must take bold steps to reduce its dependency on raw crude exports and invest more in refining capacity, petrochemical industries, and other value-added sectors.

He noted that despite Nigeria’s vast oil reserves and production potential, the country continues to spend billions annually on fuel imports, a trend that undermines its economic resilience and energy security.

“It is time for Nigeria to turn its natural resources into refined wealth.

“Building strong domestic refining capacity and promoting value addition will not only create jobs but also stabilise the economy against external shocks,” he stated.

The OPEC official also highlighted that with global demand gradually shifting towards cleaner and more efficient energy sources, countries that rely solely on crude exports risk being left behind.

He urged Nigerian stakeholders both public and private to collaborate on sustainable energy policies that encourage investment in refining infrastructure, research, and local content development.

Industry analysts say the call aligns with ongoing efforts by the Nigerian government to revitalise local refineries and support new private sector investments such as the Dangote Refinery, which is expected to significantly cut fuel imports and boost export revenues.

The Chairman reaffirmed OPEC’s commitment to supporting member countries in achieving long-term energy stability, urging Nigeria to leverage its strategic position to become a refining hub for West and Central Africa.