President Bola Tinubu’s administration has set a clear target, to ensure that all of Nigeria’s crude oil is refined within the country. The move is part of a broader strategy to create more value from Nigeria’s natural resources and reduce dependence on imported fuel.

This was revealed by the Minister of Budget and Economic Planning, Abubakar Bagudu, during a regional oil and gas conference in Abuja. He explained that the government is working to fix long-standing issues in the petroleum sector and attract new investment.

“Our ambition is to refine everything we produce in Nigeria and even support other West African countries,” Bagudu said.

The event, organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global, also focused on building a unified pricing system for refined fuel in West Africa. Key stakeholders agreed on new steps to boost regional refining capacity, improve supply, and introduce clear penalties for non-performing refinery license holders.

NMDPRA chief, Farouk Ahmed, said President Tinubu has allowed the agency to operate independently, which has strengthened its ability to enforce regulations.

The goal is to make West Africa more self-reliant when it comes to petrol, diesel, jet fuel, and cooking gas. Part of the plan includes encouraging financial institutions and investors to support new refining projects and infrastructure.

With growing demand for fuel across the region, Nigeria is aiming to lead the shift toward refining and distributing more petroleum products locally.