The Chairman of the OPEC Board of Governors for 2025, Mr. Adeyemi-Bero, has urged Nigeria to prioritise domestic refining and value creation rather than relying on crude oil exports that have yielded little long-term benefit.
Speaking on Wednesday at the Nigerian Association of Petroleum Explorationists (NAPE) Pre-Conference Workshop in Lagos, Adeyemi-Bero — who also serves as the Chief Executive Officer of First Exploration & Petroleum Development Company — said it was time for the country to retain value within its borders and build an economy driven by industrialisation.
“We’ve been an oil and gas exporting country for decades. We produce oil, put it in a tank, and ship it abroad. 50 years later, people blame Shell and others, but they were only seeking feedstock for their industrialisation,” he said. “We gave it to them. Now, we must take responsibility and refine it ourselves.”
The OPEC Governor emphasised that Nigeria must chart a new course where energy resources are processed locally to stimulate industries, strengthen the naira, and expand job opportunities.
Adeyemi-Bero cited the Dangote refinery as a turning point in Nigeria’s oil history, noting that without its local refining capacity, President Bola Tinubu might have been forced to reinstate fuel subsidies.
“Just look at the impact the Dangote refinery has had on foreign exchange and GDP growth,” he said. “If that had happened 50 years ago, we would have been in a different place today.”
He argued that local refining is key to stabilising the naira and boosting the nation’s economic independence.
“If we can sell some oil in naira, let’s do it if it works for both parties,” he said. “The day you can pay for oil in naira because both parties agree, it strengthens the naira.”
Adeyemi-Bero warned that Nigeria risks long-term decline if it continues to depend on crude exports.
“We need to shift from being export-driven to value-driven. If we don’t do this over the next decade, we have failed,” he declared.
He added that while international oil companies had played their role in developing Nigeria’s petroleum industry, the future now rests squarely with local operators.
“The internationals have done their bit. God has now handed it to Nigerians — the owners — to make it happen,” he said.
Adeyemi-Bero also linked energy development to Nigeria’s $1 trillion economy ambition, stressing that oil and gas remain the foundation for energy access and national growth.
“Energy access and security is a must. Without electricity, without fuel, the economy will not grow. We have a responsibility to drive that growth,” he said.
Earlier in his remarks, NAPE President Johnbosco Uche described the pre-conference workshop as an essential forum for charting the sector’s future.
He said the conference theme — “Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development” — captured the urgency for reform and the need to boost local production.
“In the near term, we must push to meet the three million barrels per day target,” Uche said. “But sustaining that production is equally critical for long-term success.”
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