OPEC Governor Urges Nigeria to End Crude Exports, Focus on Local Refining and Value Creation

The Chairman of the OPEC Board of Governors for 2025, Mr. Adeyemi-Bero, has urged Nigerian oil producers to shift focus from exporting crude oil to refining and processing it locally, emphasizing that value creation within the country is key to long-term economic stability.

Speaking at the Nigerian Association of Petroleum Explorationists (NAPE) Pre-Conference Workshop in Lagos on Wednesday, Adeyemi-Bero—who also serves as the Chief Executive Officer of First Exploration & Petroleum Development Company—said Nigeria must move beyond decades of crude exports and develop its capacity to retain wealth domestically.

“For over 40 years, we’ve produced crude and shipped it abroad. We often blame foreign companies like Shell, but they simply sought feedstock for their industries. We willingly supplied it,” he said.

Adeyemi-Bero stressed that Nigeria must take responsibility for harnessing its energy resources to fuel industrial growth rather than depend on foreign refiners. He cited the Dangote Refinery as a transformative example, noting its positive impact on foreign exchange stability and GDP growth.

“Without the Dangote refinery, the President would likely have reinstated fuel subsidies. The refinery has proven how domestic refining strengthens the economy,” he said.

He added that selling oil in naira, where mutually beneficial, could also help stabilise the currency. “The naira gains strength through trade. The day oil can be traded in naira, it changes our economic balance,” he explained.

Adeyemi-Bero cautioned that failure to prioritise local value addition could jeopardise Nigeria’s future. “We must transition from being export-driven to value-driven. If we don’t make that shift within the next decade, we would have failed,” he warned.

According to him, international oil companies have already laid the groundwork, and it is now up to Nigerian operators to build on that foundation. “God has handed the baton to us—the true owners—to make it happen,” he said.

He reaffirmed that the oil and gas industry remains crucial to Nigeria’s ambition of achieving a $1 trillion economy, adding that energy access and security are essential for growth. “Without electricity and fuel, there can be no economic expansion,” he said.

In his remarks, NAPE President Johnbosco Uche described the pre-conference workshop as an essential platform for industry dialogue. He said the 2025 conference theme, ‘Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development,’ underscores the need for urgent action.

Uche emphasized the importance of boosting crude production to meet Nigeria’s target of three million barrels per day while maintaining sustainability. “We must raise production and sustain it. Technical excellence will be critical to our success,” he noted.