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The Chairman of the Organisation of the Petroleum Exporting Countries (OPEC) Board of Governors, Ademola Adeyemi-Bero, has called on local oil refiners in Nigeria to prioritise in-country refining of crude oil, stressing that maximizing value within the domestic economy will drive industrial growth, stabilize the naira, and boost overall economic development.
Speaking at the Nigerian Association of Petroleum Explorationists Pre-Conference Workshop in Lagos on Wednesday, Adeyemi-Bero urged Nigeria to move away from decades of crude exports and retain more economic benefits locally. “For 40 or 50 years, we exported crude without capturing its full value. While international companies like Shell were simply seeking feedstock, it is our responsibility to develop our energy resources locally and use them to drive industrialisation,” he said.
He cited the Dangote refinery as a game-changer for the Nigerian economy, noting its significant contribution to foreign exchange stability and GDP growth. “Just imagine the impact if such a refinery had existed 50 years ago. The Dangote refinery has changed the landscape. Local refining has tangible effects on our economy, from stabilizing the naira to strengthening GDP,” he explained.
Adeyemi-Bero also pointed to international examples, highlighting how countries like Saudi Arabia, UAE, Qatar, Malaysia, and Brazil expand their value chains domestically, retaining wealth and stimulating growth.
“They focus on keeping value within their economies. We have the same opportunity, yet we resisted it for years,” he added.
On currency stability, he emphasised that local utilisation of crude could strengthen the naira. “If we can conduct oil transactions in naira with mutual agreement, it reinforces our currency. The strength of the naira comes from how it commands trade,” he noted.
The OPEC Chairman concluded that Nigeria must deliberately reduce its dependence on crude exports and focus on value addition to avoid future economic decline. “We must move beyond just selling crude. By building domestic value chains, investing in refining, and creating local industrial capacity, Nigeria can transform its oil wealth into sustainable economic growth,” he said.