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The Chairman of the Organisation of Petroleum Exporting Countries (OPEC) Board of Governors for 2025, Mr. Adeyemi-Bero, has advised Nigerian oil producers to prioritise refining crude oil locally instead of exporting it in its raw form. He said Nigeria must stop depending on foreign markets and begin to add value within its economy through domestic refining and energy-led industrial growth. Adeyemi-Bero, who is also the Chief Executive Officer of First Exploration & Petroleum Development Company, gave the advice on Wednesday during the Nigerian Association of Petroleum Explorationists (NAPE) Pre-Conference Workshop in Lagos. He stated that Nigeria had been exporting crude oil for over five decades without building enough capacity to refine and benefit from it locally. “We have been an oil and gas exporting country. Once we produce oil, we send it abroad. After 40 or 50 years, people blame Shell and others, but I don’t. They are only doing business. They needed feedstock for their industries, and we gave it to them,” Adeyemi-Bero said. He explained that Nigeria had the responsibility to use its natural resources to create industries, jobs, and sustainable economic growth. According to him, the Dangote Refinery has already shown how local refining can change the economy by reducing foreign exchange pressure and supporting gross domestic product (GDP) growth. “Just look at the impact the Dangote Refinery has had on our foreign exchange and GDP. If this had happened 50 years ago, our story would have been different. If President Bola Tinubu had removed subsidies without the refinery working, he might have been forced to reverse his decision,” he said. Adeyemi-Bero emphasised that Nigeria must reduce its dependence on crude exports and move towards value addition and local refining. He said countries like Saudi Arabia, the United Arab Emirates, Qatar, Malaysia, and Brazil were expanding their energy value chains and retaining value within their economies. He noted that despite the resistance against Aliko Dangote during the refinery project’s development, its positive impact on the economy has proved the importance of local refining. “One man built a refinery; we fought him, argued with him, but now look at the benefits. The refinery has boosted GDP and stabilised the naira,” he added. The OPEC Governor said that if Nigeria could trade oil in naira for local transactions, it would strengthen the national currency. “If we can sell some oil in naira and it works for both parties, let’s do it. The naira will gain strength when it can command value in trade,” he explained. He also warned that if the country continued to depend mainly on exports, the economy might suffer long-term consequences. “We need to shift from being export-driven to value-driven. If we don’t do this in the next decade, we have failed,” he said. Adeyemi-Bero pointed out that international oil companies had already played their role in developing Nigeria’s oil and gas sector. He urged Nigerian firms to now take responsibility for building a strong, self-reliant energy system. “The internationals have done their bit. Now it’s our turn to take charge. God has handed it over to us to make it work,” he added. He stressed that the oil and gas sector was central to achieving Nigeria’s target of becoming a $1 trillion economy. “Nigeria wants to become a $1 trillion economy. It is possible. But we have a primary responsibility to drive that energy. Without electricity, without fuel, the economy will not grow,” he said. According to him, energy access and security are key to national progress. He encouraged industry players to take ownership of Nigeria’s energy future and use it to uplift the country. “The baton has been placed in our hands. We must use our oil and gas resources to step up as a nation, just like the UAE, Saudi Arabia, or Qatar,” he stated. Earlier, the President of NAPE, Mr. Johnbosco Uche, said the pre-conference workshop was part of the association’s efforts to promote discussions on key industry issues. He said the theme of this year’s event, ‘Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development’, reflected the need for collective action to ensure the sector’s growth. Uche explained that the country must increase its crude oil production to meet its national targets while focusing on sustainability. “Nigeria is pushing to reach three million barrels per day, and sustaining that production is key. Our explorers must maintain technical excellence to achieve this,” he said. The NAPE president emphasised that maintaining exploration standards was vital for the future of Nigeria’s oil and gas sector, urging collaboration between the government and industry stakeholders to secure energy stability and long-term development.
