The Organisation of Petroleum Exporting Countries (OPEC) has urged Nigerian oil producers to stop exporting crude oil and instead focus on refining and value creation within the country.
The call, made by the Chairman of the OPEC Board of Governors for 2025, Mr. Adeyemi-Bero, signals a renewed push for local beneficiation and energy self-sufficiency in Africa’s largest oil producer.
Speaking 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 Nigeria must break away from its decades-long dependence on crude exports and focus on retaining value locally.
Why OPEC Tells Nigerian Producers to Stop Crude Exports
Adeyemi-Bero stressed that Nigeria’s heavy reliance on exporting raw crude has prevented it from realising the full potential of its energy sector.
“We have been an oil-exporting country for decades. Once we produce oil, we put it in a tank and send it abroad.
Forty or fifty years later, we cannot blame foreign companies—they are only doing business to fuel their industries,” he said.
He emphasised that the responsibility for change now lies with Nigeria itself, urging local operators to invest more in domestic refining, petrochemicals, and downstream value chains that will create jobs and strengthen the naira.
“The message is clear: we must decline crude exports and retain value in our economy.
Other nations like Saudi Arabia, the UAE, Qatar, and Brazil are expanding their value chains and keeping wealth within their borders. We should be doing the same,” he added.
Dangote Refinery as a Turning Point for Nigeria’s Oil Market
According to the OPEC Governor, the emergence of the 650,000-barrel-per-day Dangote Refinery has demonstrated how domestic refining can transform Nigeria’s economic landscape.
He noted that the refinery’s output has reduced the country’s fuel import bill and contributed positively to foreign exchange stability and GDP growth.
“Just look at the impact the Dangote Refinery has had on foreign exchange and GDP growth.
If this had happened 50 years ago, Nigeria would have been in a much stronger position today.
Without that refinery, the government might have been forced to reinstate fuel subsidies,” Adeyemi-Bero said.
He added that local refining and crude utilisation not only promote energy security but also stabilise the local currency.
“If we can sell oil in naira and both parties agree, it strengthens our currency. The strength of a currency is what it commands in trade. That is how we build value,” he explained.
A Call for Policy and Private Sector Alignment
Adeyemi-Bero urged both the government and private investors to align policies and investments toward local refining and energy industrialisation.
He warned that failure to reduce exports and focus on domestic value addition could have long-term consequences for the economy.
“If we continue to depend on exports, we will remain at the mercy of global price shocks.
We need to be value-driven, not export-driven. Over the next decade, Nigeria must make that shift or risk missing its growth potential,” he warned.
He further urged local players to take ownership of Nigeria’s energy transition, saying that international oil companies had already played their part.
“The internationals have done their bit; now, it’s up to Nigerians to take charge. God has placed the baton in our hands,” he said.
OPEC’s Vision for Nigeria’s Energy Future
OPEC’s latest call reflects a global trend where oil-producing nations are rethinking the structure of their economies in preparation for the energy transition.
For Nigeria, Adeyemi-Bero said, the oil and gas industry remains central to achieving its $1 trillion economy target.
“Nigeria wants to be a $1 trillion economy. Is it possible? Yes. Who will make it possible? We will. Energy access and security are essential.
Without electricity and fuel, the economy cannot grow. The oil and gas sector is still the backbone of our industrialisation,” he said.
He also encouraged producers and regulators to push for policies that encourage crude utilisation, local refining, and export of finished products rather than raw materials.
NAPE Calls for Sustainable Production and Exploration
In his welcome address, the President of the Nigerian Association of Petroleum Explorationists, Mr. Johnbosco Uche, said the annual pre-conference workshop serves as a strategic platform to discuss issues critical to the future of Nigeria’s oil and gas industry.
Uche stated that this year’s theme, “Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development,” reflected the urgent need for collaboration among stakeholders to increase output while maintaining sustainability.
“In the near term, Nigeria must ramp up production to meet its national target of three million barrels per day.
However, sustaining that production long-term is equally crucial,” Uche said.
He also emphasised that maintaining technical excellence and innovation would be vital to achieving energy security and sustainability.
Path Forward for Nigeria’s Oil Economy
Experts say OPEC’s advice is timely, as it aligns with the Nigerian government’s policy shift toward self-sufficiency in fuel supply and export of refined products.
With the Dangote Refinery already transforming domestic supply dynamics and modular refineries emerging across states, the country may be entering a new era in its petroleum sector.
Adeyemi-Bero concluded that Nigeria must now act decisively to transform its oil wealth into industrial growth.
“We can have oil and gas like the UAE, Qatar, and Saudi Arabia — small nations that use their resources to build powerful economies. We must use ours to step up as a country,” he said.
OPEC’s call for Nigeria to stop exporting crude and embrace local refining underscores a pivotal shift in the nation’s oil economy.
The message is clear — Nigeria’s future prosperity depends on adding value at home, stabilising its currency, and using its energy wealth to power sustainable development.
