Dangote Refinery Proof Nigeria Must End Crude Exports

Dangote Refinery Proof Nigeria Must End Crude Exports – OPEC
Adeyemi-Bero urged producers to end reliance on crude exports.
He said local refining is vital to achieving a $1 trillion economy.

The Chairman of the OPEC Board of Governors for 2025, Adeyemi-Bero, has urged Nigerian oil producers to prioritise domestic refining and value addition instead of exporting raw crude.

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EKO HOT BLOG reports that Speaking at the Nigerian Association of Petroleum Explorationists Pre-Conference Workshop in Lagos, Adeyemi-Bero, who is also the CEO of First Exploration & Petroleum Development Company, said Nigeria must retain value locally to drive industrial growth.

He noted that the nation’s decades-long dependence on crude exports had deprived it of opportunities for industrialisation, adding that international oil companies merely pursued their interests. According to him, the impact of the Dangote refinery on the naira and GDP growth proves the benefits of domestic refining. He maintained that if not for the refinery’s operations, the federal government might have reinstated fuel subsidies.

Adeyemi-Bero stressed that Nigeria must follow the path of countries like Saudi Arabia, Qatar, and Malaysia, which expand their energy value chains locally. He added that selling oil in naira could strengthen the currency and reduce pressure on foreign exchange.

He warned that failure to prioritise value creation over exports could harm the economy, saying, “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 also called on local operators to take responsibility for the sector’s growth, stating that international oil companies had “done their bit.” Adeyemi-Bero concluded that the energy sector remains crucial to achieving Nigeria’s $1 trillion economy target and must be locally driven for sustainable progress.