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OPEC Chairman Adeyemi-Bero calls on Nigeria to end decades of crude oil exports.
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Says domestic refining will strengthen the naira and boost GDP.
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Warns failure to shift from export-driven to value-driven economy could be disastrous.
The Chairman of the OPEC Board of Governors for 2025, Mr Adeyemi-Bero, has urged Nigerian oil producers to end the country’s long dependence on crude oil exports and instead focus on local refining and value creation to stabilise the economy.
Speaking at the Nigerian Association of Petroleum Explorationists (NAPE) Pre-Conference Workshop in Lagos, Adeyemi-Bero, who also serves as Chief Executive Officer of First Exploration & Petroleum Development Company, said Nigeria’s over-reliance on crude exports has deprived it of vital economic growth opportunities.
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He stated that for over 50 years, the country had supplied raw oil to foreign refiners instead of building its own industrial base.
“We produced oil, put it in a tank and sent it abroad. People blame Shell and others, but I don’t. They needed feedstock for their industries. We gave it to them, and they took it,” he said.
Adeyemi-Bero noted that President Bola Tinubu’s removal of fuel subsidy was only sustainable because of the operations of the Dangote Refinery, which now contributes significantly to foreign exchange savings and GDP growth.
“If we didn’t have local refining, the president might have been forced to return subsidies. The impact of the Dangote refinery on the naira and GDP is huge,” he said.
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He called for a deliberate reduction in crude exports and an expansion of local refining capacity, warning that Nigeria could face economic decline if it fails to transition from an export-driven to a value-driven economy.
“If we can sell some oil in naira, let’s do it if it works for both parties. The strength of the naira is what it commands in trade,” he said, adding that local utilisation of crude would help strengthen the national currency.
Adeyemi-Bero also pointed out that other oil-producing nations such as Saudi Arabia, Qatar, and Malaysia have successfully retained value within their economies by expanding their refining and petrochemical capacities.
“One man built a refinery, and we fought him, but look at the impact of Dangote’s refinery today. That’s what we should be doing as a country,” he remarked.
He urged Nigerian producers to take responsibility for developing the nation’s energy sector, noting that international oil companies had “done their bit” and it was now time for local players to take charge.
“The baton has been placed in our hands. We have oil and gas like the UAE, Saudi Arabia, and Qatar—small nations punching above their weight. We must use ours to step up as a country,” he said.
Earlier, Mr Johnbosco Uche, President of NAPE, said the workshop provided an avenue for industry leaders to deliberate on strategies for achieving energy security and sustainable development.
He emphasised the need to increase crude production to three million barrels per day while ensuring long-term sustainability and technical excellence in exploration and production.
