OPEC to Nigeria: End crude oil exports, boost local refining

The Chairman of the OPEC Board of Governors for 2025, Mr. Adeyemi-Bero, has called on Nigeria to end decades of crude oil exports and focus instead on refining and value addition within the country.

Speaking at the Nigerian Association of Petroleum Explorationists (NAPE) Pre-Conference Workshop in Lagos on Wednesday, Adeyemi-Bero — who is also the Chief Executive Officer of First Exploration & Petroleum Development Company — warned that continued reliance on raw crude exports would hinder sustainable economic growth.

“For over 50 years, we’ve produced oil and simply exported it,” he said.

“Companies like Shell only take advantage of what we hand to them.

“They’re doing business to secure feedstock for their own industries.”

He urged the federal government and local investors to turn Nigeria’s oil wealth into a springboard for industrialisation, citing the Dangote Refinery as a transformative project that has already begun stabilising foreign exchange and boosting GDP.

“Imagine if the Dangote Refinery had existed 50 years ago,” he said.

“Nigeria would be in a completely different place today. Without it, the president might have been forced to bring back fuel subsidies.”

According to Adeyemi-Bero, countries such as Saudi Arabia, the UAE, Qatar, and Malaysia have built resilient economies by refining crude locally and expanding their petrochemical sectors.

He stressed that Nigeria must follow the same path to strengthen the naira and reduce exposure to global price shocks.

“If we can sell some oil in naira, let’s do it,” he added.

“The moment we agree to trade oil in our currency, the naira will start to gain value.”

He cautioned that failure to move from an export-driven to a value-driven model could trap Nigeria in economic stagnation.

“If we don’t make this shift within the next decade, we will have failed,” he warned.

Adeyemi-Bero said the foundation laid by international oil companies should now be built upon by indigenous players ready to take ownership of the industry’s future.

“The internationals have done their bit.

“It’s now our turn to lead and create value for our own economy,” he said.

Linking energy development to President Bola Tinubu’s goal of building a $1 trillion economy, Adeyemi-Bero emphasised that reliable access to energy and fuel remains the backbone of economic growth.

“Nigeria can reach a $1 trillion economy,” he said.

“But it will only happen if we drive it through energy.

“Without electricity and fuel, no economy can thrive.”

He concluded with a rallying call: “The baton is in our hands.

“We must use our oil and gas resources to lift Nigeria to its rightful place among the world’s industrial powers.”