Energy Security: OPEC urges Nigerian crude refiners to add value for economic growth, prosperity

*Nigerian-born Ademola Adeyemi-Bero, Chairman of the Organisation of the Petroleum Exporting Countries’ Board of Governors, urges local refiners to intensify their in-country efforts at refining crude for value creation to support economic growth and development

Alexander Davis | ConsumerConnect

Stakeholders in the oil and gas sector of the Nigerian economy have said the local crude refiners have a responsibility to develop the country’s energy resources locally, and use same to drive industrial growth, rather than depend on foreign markets.

ConsumerConnect gathered Nigerian-born Ademola Adeyemi-Bero, Chairman of the Organisation of the Petroleum Exporting Countries (OPEC) Board of Governors, has advised local oil refiners to increase in-country refining of crude for the benefit of energy consumers and economy at large.

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Adeyemi-Bero, who stated this Wednesday, November 5, 2025, at the Nigerian Association of Petroleum Explorationists Pre-Conference Workshop, in Lagos, President Bola Ahmed Tinubu would have returned fuel subsidies, if the Dangote Petroleum Refinery had not been there to produce fuel locally.

The Chairman of OPEC Board of Governors also noted that value creation for crude oil would support economic growth and development.

He also said that the West African country must move away from decades of crude exports and focus on retaining value within the local economy.

“We’ve been an oil and gas exporting country. We produced oil; once there was oil, we put it in a tank and sent it abroad.

“40 or 50 years later, people blame Shell and others, but I don’t. They are businesses looking for feedstock for their industrialisation. If you give it to them, they’ll still take it,” the Chairman of OPEC Board stated.

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Adeyemi-Bero, who doubles as the Chief Executive Officer (CEO) of First Exploration and Petroleum Development Company, averred that Nigeria now has a responsibility to develop its energy resources locally, and use them to engender drive industrial growth, rather than depend on foreign markets.

He explained: “Just look at the impact the Dangote Refinery has had on foreign exchange and gross domestic product growth. You can imagine what would have happened if that had occurred 50 years ago.

“If the president had said, ‘I’m cancelling subsidies, and I’m not going to allow multiple exchange rates.’ “

The OPEC Chief further affirmed: “We didn’t have the option of having petroleum products in this country; I’m sure he would have changed his policies and gone back to subsidies. It’s as simple as that. Let’s not over-aggregate.

“If you go to Saudi Arabia today, if you go to the UAE, if you go to Qatar, if you go to Malaysia, if you go to Brazil, they are expanding the value chain and keeping it in their space.

“Now, one man built a refinery; we fought him, we argued with him. But the impact of that Dangote Refinery on our GDP and Foreign Exchange is big.”

Besides energy sustainability in the system, Adeyemi-Bero opined that local refining and crude utilisation would help to stabilise the Naira and strengthen the Nigerian economy.

Said he: “If we can sell some oil in Naira, let’s do it if it works for both parties. The strength of the Naira is what it commands in trade.

“This is why nobody wants the naira outside this space, but the day you can pay for oil in naira because both parties agree, it strengthens the Naira.”

Adeyemi-Bero restated that Nigeria must deliberately reduce its dependence on exports, and focus on value creation to ensure energy sustainability avoid future economic decline.

“We need to decline exports. All of us like to sell, but the person who will buy from us will be willing to buy at the right price,” he submitted.