The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has revealed that African countries imported petroleum products worth about $120 billion in 2024, highlighting the continent’s dependence on foreign refined fuels despite its vast natural resources.
Lokpobiri made this known during the OTL Africa Downstream Energy Week in Lagos, where he emphasized that the figure reflects Africa’s massive energy consumption potential but also exposes its weak refining capacity and distribution infrastructure.
According to him, the situation means much of Africa’s revenue continues to flow to foreign refineries instead of being retained within the continent.
“Africa has the market, but not the refining capacity,” he said. “Because of that, most of our money ends up outside the continent. Our goal in Nigeria is to change that narrative by retaining a share of that value and positioning the country as a refining and distribution hub for Africa.”
Lokpobiri noted that several regional energy players rely on Nigerian importers to supply fuel across West Africa, which, in his view, strengthens Nigeria’s case to lead the continent’s downstream transformation.
Representing Lagos State Governor Babajide Sanwo-Olu, the Commissioner for Energy, Biodun Ogunleye, praised OTL Africa for creating a consistent platform that has influenced policy reforms and encouraged investment in the downstream sector for nearly two decades.
Sanwo-Olu reaffirmed Lagos’ ambition to remain at the center of Africa’s energy network, calling the state “the energy and logistics capital of sub-Saharan Africa.” He also pointed to ongoing projects such as the Lagos Electricity Policy and the Lagos Energy Transition Plan, designed to expand access to clean energy and attract private participation.
The Chairman of the OTL Advisory Board, Adetunji Oyebanji, in his address, called for stronger collaboration, policy consistency, and innovation to strengthen Africa’s energy sustainability and global competitiveness.
Speaking on the event’s theme, “Energy Sustainability: Growth Beyond Boundaries and Competition,” Oyebanji urged stakeholders to look beyond short-term profits and work towards building a more resilient and responsible energy future for the continent.
He added that sustainability was not just about resource preservation but also about ensuring that Africa’s energy growth today supports long-term prosperity and competitiveness in the global energy market.
