The Chairman of the OPEC Board of Governors for 2025 has urged Nigerian oil producers to focus on domestic refining and value creation instead of exporting raw crude.
Speaking at the Nigerian Association of Petroleum Explorationists Pre-Conference Workshop in Lagos, Adeyemi-Bero, who is also the Chief Executive Officer of First Exploration & Petroleum Development Company, said Nigeria must move away from decades of crude exports and retain value within the local economy.
He explained that the country had long served as a supplier of raw materials to industrialised nations, stressing that it was time to prioritise local energy development.
Adeyemi-Bero noted that President Bola Tinubu’s subsidy removal would have been reversed if not for the presence of the Dangote refinery, which has contributed significantly to stabilising fuel supply, foreign exchange, and economic growth.
He said the refinery’s impact on the economy highlighted the importance of developing domestic refining capacity and keeping value within Nigeria.
The OPEC governor added that local refining and crude utilisation would help stabilise the naira and strengthen the national economy. He suggested that if oil could be traded in naira under mutually beneficial terms, it would boost the currency’s value and enhance trade confidence.
Adeyemi-Bero urged Nigeria to reduce dependence on exports and focus on value-driven production to prevent future economic setbacks. He warned that failure to make this shift within the next decade would be costly for the nation.
He emphasised that local oil operators must take responsibility for driving the country’s energy future, as international oil companies had already played their part.
According to him, achieving Nigeria’s goal of becoming a $1tn economy depends heavily on the performance of the energy sector, which remains vital to industrial and economic growth.
He stated that energy access and security were essential for national development and urged stakeholders to use Nigeria’s oil and gas resources to advance the nation, as seen in countries like the UAE, Saudi Arabia, and Qatar.
In his remarks, the President of the Nigerian Association of Petroleum Explorationists, Johnbosco Uche, said the workshop provided a platform for industry leaders to address critical issues affecting the sector
Uche explained that this year’s conference theme, “Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development,” underscored the need for collective action to improve production and ensure sustainability.
He added that Nigeria must work towards achieving its three million barrels per day production target while maintaining technical excellence to secure the future of the industry.