The Chairman of the Organization of Petroleum Exporting Countries (OPEC) Board of Governors for 2025, Mr. Adeyemi-Bero, has urged the Nigerian government and local oil producers to drastically reduce crude oil exports and channel efforts toward domestic refining and value creation to drive economic stability and national growth.
Speaking at the Nigerian Association of Petroleum Explorationists (NAPE) Pre-Conference Workshop held in Lagos, Adeyemi-Bero, who is also the Chief Executive Officer of First Exploration & Petroleum Development Company, said it was time for Nigeria to shift from decades of crude export dependence to a value-driven energy economy that sustains jobs, strengthens the naira, and enhances the country’s gross domestic product (GDP).
“For over five decades, Nigeria has produced oil and shipped it abroad, losing significant industrial opportunities. Many blame Shell and other international oil companies, but they only took advantage of what we willingly offered,” Adeyemi-Bero said.
He noted that the success of the Dangote Refinery is a clear indication of how local refining can transform Nigeria’s economic landscape by saving foreign exchange, boosting local capacity, and stabilising energy supply.
“Just look at the impact the Dangote Refinery has had on foreign exchange and GDP growth. If that refinery had existed 50 years ago, Nigeria would be in a different place today,” he added.
Adeyemi-Bero further explained that President Bola Tinubu’s decision to end fuel subsidies could have been unsustainable without local refining capacity, stressing that energy independence is crucial to fiscal reforms and monetary stability.
“If the Dangote Refinery didn’t exist, the government might have had no choice but to return subsidies,” he stated.
The OPEC Governor also urged Nigeria to explore crude oil transactions in naira, saying such a move would boost the currency’s global relevance and strengthen trade confidence.
“The strength of the naira is tied to what it can command in trade. If we can sell oil in naira, we will empower our own economy,” he explained.
Adeyemi-Bero emphasised that Nigeria’s ambition to become a $1 trillion economy will remain unattainable without an energy-led industrial revolution driven by local refining, gas processing, and petrochemical development.
“We want to be a trillion-dollar economy. It’s possible. But we must drive it with energy. Without fuel and electricity, no economy can grow,” he asserted.
He also called on local operators to take ownership of the sector and move beyond reliance on international oil companies, saying,
“The baton has been passed to Nigerians. It’s our responsibility to turn our resources into prosperity, just as Saudi Arabia and Qatar have done.”
In his welcome remarks, Mr. Johnbosco Uche, President of NAPE, said this year’s conference theme, “Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development,” highlights the urgency of revamping local production strategies for sustainable growth.
Uche reaffirmed Nigeria’s target to increase crude production to three million barrels per day, stressing the need to sustain output through innovation, collaboration, and technical excellence.
Analysis: A Turning Point for Nigeria’s Energy Future
Adeyemi-Bero’s message represents more than a call to refine crude — it is a call to refine policy direction and national mindset. His remarks underscore the link between energy self-sufficiency and economic sovereignty. By reducing exports and focusing on local refining, Nigeria could unlock the full value of its resources, strengthen the naira, and move closer to achieving its trillion-dollar economy ambition.
OPEC Board Chairman Adeyemi-Bero urges Nigeria to halt crude exports and focus on local refining to strengthen the naira, boost GDP, and achieve its $1 trillion economy target through energy-led growth and value addition.
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