The Chairman of the OPEC Board of Governors, Adeyemi-Bero, has called on Nigerian oil producers to halt crude exports and prioritize domestic refining and value creation to strengthen the local economy.
Speaking at the Nigerian Association of Petroleum Explorationists (NAPE) Pre-Conference Workshop in Lagos, Adeyemi-Bero, who also serves as the CEO of First Exploration & Petroleum Development Company, said Nigeria must end its decades-long dependence on crude exports and retain value within its borders.
“We’ve been exporting crude for decades,” he said. “The companies that buy from us are only doing business to fuel their own industries. It’s time we build ours and stop handing them our resources.”
He noted that President Bola Tinubu’s decision to sustain subsidy removal was made possible because of local production from the Dangote Refinery, stressing its significant impact on the nation’s foreign exchange and GDP growth.
“If we didn’t have the Dangote Refinery producing locally, the president might have reinstated subsidies,” he said. “The refinery’s contribution shows why we must stop exporting crude and start refining at home.”
Adeyemi-Bero added that other oil-rich nations like Saudi Arabia, the UAE, Qatar, and Malaysia have expanded their value chains and kept wealth within their economies.
He emphasized that local refining would stabilize the naira and strengthen Nigeria’s economic base. “If we can trade oil in naira and both parties agree, it will boost the currency. The strength of a currency lies in what it can command in trade,” he said.
The OPEC Governor urged the government and industry leaders to reduce dependence on exports and invest in domestic value creation. “If we fail to move from being export-driven to value-driven in the next decade, we will have failed,” he warned.
He also highlighted that Nigeria’s ambition to build a $1 trillion economy depends on energy access and security. “Without power and fuel, the economy cannot grow. Energy is central to our future,” he said.
Earlier, NAPE President Johnbosco Uche noted that the conference theme — “Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development” — underscores the urgency of the moment.
He said Nigeria must increase and sustain crude oil production to meet its 3 million barrels per day target while ensuring long-term sustainability.
“The industry must uphold technical excellence and responsibility if we are to secure our energy future,” Uche added.
