The Chairman of the OPEC Board of Governors for 2025, Adeyemi-Bero, has urged Nigerian oil producers to focus on refining and adding value locally instead of exporting crude oil.
Speaking at the Nigerian Association of Petroleum Explorationists Pre-Conference Workshop in Lagos, Adeyemi-Bero emphasized that decades of crude exports have limited Nigeria’s economic potential and that retaining value within the local economy is critical for growth.
He cited the Dangote Refinery as a model, noting its significant contribution to foreign exchange stability and GDP growth.
According to him, if Nigeria had relied solely on imports for petroleum products, fuel subsidies might have persisted.
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Adeyemi-Bero argued that local refining could strengthen the naira, reduce dependency on exports, and drive industrialisation, similar to energy strategies in countries like Saudi Arabia, UAE, and Brazil.
Highlighting the urgent need for a shift, he warned, “We need to move from being export-driven to value-driven. If we don’t do this over the next decade, we have failed.”
Adeyemi-Bero called on Nigerian operators to take ownership of the nation’s energy resources and leverage them to achieve the country’s $1 trillion economy target, stressing that energy access and security are essential for national development.
The workshop, themed ‘Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development,’ also emphasized increasing production to meet national targets and sustaining long-term sector growth through technical excellence.
