The Chairman of the OPEC Board of Governors for 2025, Mr. Adeyemi-Bero, has urged Nigeria to transition from decades of crude oil exports toward domestic refining and value addition, warning that continued dependence on raw exports would hinder sustainable economic growth.
Speaking at the Nigerian Association of Petroleum Explorationists (NAPE) Pre-Conference Workshop in Lagos on Wednesday, Adeyemi-Bero, who also serves as Chief Executive Officer of First Exploration & Petroleum Development Company, said it was time for Nigeria to retain value within its economy rather than ship out crude for foreign processing.
“For over 50 years, we’ve produced oil and simply exported it,” he said. “People blame Shell and others, but I don’t. They’re businesses securing feedstock for their own industrialisation. If you hand it to them, they’ll take it.”
He argued that Nigeria’s oil resources should serve as the foundation for industrial growth, citing the Dangote Refinery as an example of local capacity driving foreign exchange stability and GDP expansion.
“Look at the impact the Dangote Refinery has had on the economy. If that had happened 50 years ago, Nigeria would be in a different place,” he noted. “Without it, the president might have been forced to bring back fuel subsidies.”
Adeyemi-Bero said countries like Saudi Arabia, the UAE, Qatar, and Malaysia had expanded their oil value chains domestically and Nigeria must follow suit. He stressed that refining crude at home would strengthen the naira and reduce vulnerability to global market shocks.
“If we can sell some oil in naira, let’s do it,” he said. “The day both parties agree to trade oil in naira, the currency will gain strength.”
He warned that Nigeria risked economic stagnation if it failed to pivot from an export-driven model to one focused on local value creation.
“We need to shift from being export-driven to value-driven. If we don’t do this in the next decade, we will have failed,” he cautioned.
Adeyemi-Bero added that the international oil companies had already laid the foundation for Nigeria’s oil industry, and it was now up to indigenous operators to take charge.
“The internationals have done their bit. Now, it’s time for Nigerians to take ownership and make it happen,” he said.
Highlighting the centrality of the energy sector to President Bola Tinubu’s ambition of building a $1 trillion economy, Adeyemi-Bero said energy access and security were indispensable to achieving national growth.
“Nigeria can reach a $1 trillion economy,” he affirmed. “But it is our responsibility to drive that growth through energy. Without electricity and fuel, the economy cannot thrive.”
He concluded by calling on stakeholders to seize the moment and emulate energy-driven nations like the UAE and Saudi Arabia. “The baton is in our hands,” he said. “We must use our oil and gas resources to lift Nigeria to its rightful place.”
