The Chairman of the 2025 OPEC Board of Governors, Mr. Adeyemi-Bero, has called on Nigeria to move away from its long-standing dependence on crude oil exports and prioritise domestic refining and value addition, warning that the current model is unsustainable for long-term economic growth.
Speaking at the Nigerian Association of Petroleum Explorationists (NAPE) Pre-Conference Workshop in Lagos on Wednesday, Adeyemi-Bero—who is also the Chief Executive Officer of First Exploration & Petroleum Development Company—said Nigeria must begin to retain value within its economy instead of exporting crude only to import refined products.
“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 noted that Nigeria’s petroleum resources should serve as the foundation for broad industrial development, pointing to the Dangote Refinery as an example of how local capacity can help stabilise foreign exchange and boost GDP.
“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 said. “Without it, the president might have been forced to bring back fuel subsidies.”
Adeyemi-Bero added that leading oil-producing nations such as Saudi Arabia, the UAE, Qatar and Malaysia had expanded their domestic value chains and urged Nigeria to follow suit. According to him, building refining capacity at home would strengthen the naira and shield the economy from external shocks.
“If we can sell some of our 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 cautioned that Nigeria risked economic stagnation if it failed to shift from exporting raw crude to processing it domestically. “We need to move from being export-driven to value-driven. If we don’t do this in the next decade, we will have failed,” he warned.
Adeyemi-Bero also stressed that international oil companies had laid the groundwork for Nigeria’s petroleum industry and that it was now time for indigenous players to assume greater responsibility. “The internationals have done their bit. Now it’s time for Nigerians to take ownership and make it happen,” he said.
Highlighting energy as a key pillar of President Bola Tinubu’s ambition to build a $1 trillion economy, he noted that growth would be impossible without adequate power and fuel supply.
“Nigeria can reach a $1 trillion economy,” he said. “But it is our responsibility to drive that growth through energy. Without electricity and fuel, the economy cannot thrive.”
He concluded by urging stakeholders to emulate energy-driven economies 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.”
