The Organisation of Petroleum Exporting Countries (OPEC) has urged Nigerian oil producers to shift focus from crude oil exports to domestic refining as part of efforts to strengthen the economy and create more value locally.
Speaking at the Nigerian Association of Petroleum Explorationists (NAPE) pre-conference workshop in Lagos, OPEC’s Board of Governors Chairman for 2025, Mr. Adeyemi-Bero, said Nigeria must end its decades-long dependence on exporting raw crude and instead channel its resources into local production and industrial growth.
Adeyemi-Bero, who is also the Chief Executive Officer of First Exploration & Petroleum Development Company, noted that countries like Saudi Arabia, the United Arab Emirates, and Qatar had successfully expanded their economies by refining and processing oil locally rather than exporting crude.
“We’ve been exporting crude for over 40 years and have little to show for it. Other countries are adding value within their borders, and that’s what Nigeria must start doing,” he said.
He highlighted the positive impact of the Dangote Refinery on Nigeria’s economy, especially on foreign exchange and GDP growth. According to him, without the refinery, the government might have been forced to reinstate fuel subsidies due to a lack of local supply.
Adeyemi-Bero also suggested that local refining and crude utilisation could help stabilise the naira. “If both parties agree to trade oil in naira, it can strengthen our currency and reduce pressure on the dollar,” he added.
He stressed that Nigeria’s future depends on value creation rather than exports. “If we don’t reduce our dependence on crude exports in the next decade, we risk another round of economic decline,” he warned.
Earlier, the President of NAPE, Mr. Johnbosco Uche, said this year’s conference theme, “Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development,” reflects the urgency of repositioning the industry.
He called on producers to work towards increasing national crude output to three million barrels per day while maintaining sustainability and technical excellence.
Both leaders agreed that Nigeria’s oil and gas sector holds the key to achieving energy security and driving the country’s target of becoming a $1 trillion economy through local value addition and energy-led growth.
