Adeyemi-Bero, the 2025 OPEC Board of Governors Chairman and CEO of First Exploration & Petroleum Development Company, urged Nigerian oil producers to emphasise local refining and economic value addition over crude exports.
He said this during his address at the Nigerian Association of Petroleum Explorationists Pre-Conference Workshop in Lagos on Wednesday, November 5, 2025. He highlighted the need for Nigeria to shift from long-standing crude export practices toward building domestic benefits.
He explained that for decades, the nation extracted oil and shipped it overseas immediately, providing raw materials for other countries’ industries. Businesses abroad seek such resources to fuel their growth, and Nigeria supplies them willingly.
Adeyemi-Bero asserted that the country bears the duty to process energy resources at home to spur industrial expansion instead of relying on external buyers.
He pointed out that the Dangote refinery enabled President Bola Tinubu to eliminate fuel subsidies without reversal, thanks to local fuel production. This facility has boosted foreign exchange reserves and contributed to GDP increases. Without it, policy changes like subsidy removal and unified exchange rates might have been reconsidered.
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The Dangote project demonstrates the advantages of retaining the value chain domestically, similar to approaches in Saudi Arabia, the UAE, Qatar, Malaysia, and Brazil, where nations expand refining and related industries.
Adeyemi-Bero advocated reducing crude exports to prioritise internal use, which could stabilise the naira through naira-denominated oil sales when mutually beneficial. Such transactions would enhance the currency’s trade value and reduce external dependence.
He called for a deliberate transition to value-driven strategies within the next decade to prevent economic setbacks. International oil companies have fulfilled their roles, and now local operators must advance the sector.
It bears mentioning that recent initiatives in Rivers State, a key Niger Delta hub, illustrate this momentum. In June 2025, the Otakikpo onshore terminal began operations, exporting up to 360,000 barrels daily and adding 750,000 barrels of storage capacity. Complementing this, a March 2025 commissioning of the nation’s initial modular LPG plant and a 20-megawatt gas-to-power setup at Otakikpo boosts local gas use and power access.
The oil and gas industry holds a key responsibility for Nigeria’s goal of a $1 trillion economy, ensuring energy access and security to support growth. Without reliable fuel and electricity, broader economic progress stalls.
Adeyemi-Bero encouraged Nigerian players to lead the energy future, using resources effectively like smaller nations that leverage assets for global influence.
In opening remarks, Nigerian Association of Petroleum Explorationists President Johnbosco Uche described the workshop as a forum for addressing vital issues under the conference theme of revitalising exploration and production for energy security and sustainable development.
Uche stressed increasing output toward the three million barrels per day target while prioritising long-term sustainability and technical expertise.
