Nigeria must abandon its decades-long dependence on crude oil exports and focus on domestic refining and value addition to build a stronger, self-sustaining economy, the Chairman of the OPEC Board of Governors for 2025, Mr. Adeyemi-Bero, has said.
Speaking at the Nigerian Association of Petroleum Explorationists (NAPE) Pre-Conference Workshop in Lagos on Wednesday, Adeyemi-Bero — who also serves as the Chief Executive Officer of First Exploration & Petroleum Development Company — said the country’s continued reliance on exporting raw crude was limiting its economic potential and weakening the naira.
He noted that while other oil-producing nations such as Saudi Arabia, the UAE, Qatar, Malaysia, and Brazil have expanded their downstream value chains to retain wealth within their borders, Nigeria has continued to export unprocessed crude, thereby forfeiting opportunities for industrialisation and job creation.
“We’ve been an oil and gas exporting country for too long. We produce oil, send it abroad, and decades later, we complain about the consequences,” Adeyemi-Bero said. “The truth is, we gave away our feedstock for other nations’ development. It’s time to retain that value here.”
Citing the Dangote Refinery as a transformative development for Nigeria’s economy, he said its domestic fuel production had helped the country avoid a potential reversal of subsidy reforms and strengthened foreign exchange stability.
“Just look at the impact the Dangote refinery has had on foreign exchange and GDP growth. If the president had removed subsidies without domestic refining capacity, he might have had to reverse that decision. The refinery made the difference,” he explained.
Adeyemi-Bero emphasised that local refining and energy utilisation would not only reduce pressure on Nigeria’s foreign reserves but also boost the naira’s value.
“If we can sell oil in naira where it makes sense, let’s do it. The naira will only gain strength when it’s accepted for trade,” he said.
He cautioned that unless Nigeria transitions from being export-driven to value-driven, it risks another decade of economic stagnation.
“We need to deliberately decline exports and focus on processing and creating value here. If we don’t do this over the next decade, we have failed,” he warned.
The OPEC Governor also called on local oil companies to take charge of Nigeria’s energy future, arguing that international oil companies (IOCs) have played their part.
“The internationals have done their bit. Now it’s our turn as Nigerians to take responsibility for our resources,” he said.
Adeyemi-Bero stressed that the oil and gas industry remains central to Nigeria’s $1 trillion economy target, urging collaboration between government and industry players to achieve energy access and security.
“Energy is the backbone of any modern economy. Without electricity and fuel, growth will stall. We have the responsibility to make sure that doesn’t happen,” he added.
Earlier, NAPE President Johnbosco Uche said the pre-conference workshop was designed to stimulate strategic thinking on revitalising Nigeria’s oil and gas exploration.
He explained that the conference theme — “Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development” — reflects the urgency to ramp up production while ensuring sustainability.
“In the near term, we must increase production to meet the national target of three million barrels per day, but sustaining that output is equally critical,” Uche said, urging operators to uphold technical excellence as the foundation for the industry’s growth.
The event brought together leading voices in Nigeria’s oil and gas sector to chart a path toward an energy-secure and value-oriented future for the country.