The 2025 OPEC Board of Governors Chairman has urged Nigerian oil companies to stop exporting crude oil and start refining and adding value at home.
According to The PUNCH, Adeyemi-Bero, who is also the CEO of First Exploration & Petroleum Development Company, spoke yesterday at the Nigerian Association of Petroleum Explorationists Pre-Conference Workshop in Lagos. He said that the country needs to stop exporting crude and concentrate on keeping value in the local economy.
“Our country has been an oil and gas exporter,” he declared. We extracted oil, stored it in tanks, and shipped it elsewhere. Many still hold Shell and others responsible even after all these years, but I refuse to. They are companies in search of raw materials to further their industrialization processes. No matter what you do, they will still steal it.
Adeyemi-Bero stated that, instead of relying on international markets, Nigeria could develop its energy resources domestically and use them to fuel industrial expansion.
His argument is that if the Dangote refinery hadn’t been located there, President Bola Tinubu would have ended fuel subsidies.
Consider the effect on GDP growth and foreign exchange that the Dangote refinery has had. Just try to put yourself in someone’s shoes fifty years ago. If the president had declared, “I’m cancelling subsidies and I’m not going to allow multiple exchange rates,” and we were not allowed to import petroleum products, I’m certain he would have reversed his policy and reinstated subsidies. Just like that, it’s done. We must not aggregate too much.
The implication of this message is that exports should be reduced. The statement was made by Adeyemi-Bero.
A trip to Saudi Arabia, the United Arab Emirates, Qatar, Malaysia, or Brazil today will reveal that these countries are actively working to grow their value chains while retaining control of them, he continued. We battled and clashed with the man who built the refinery. However, that Dangote refinery has a significant effect on our gross domestic product and foreign currency.
In addition to domestic refining and crude utilisation, he said, the naira’s stability and the nation’s economy would be strengthened.
If it’s mutually beneficial, let’s sell some oil in naira. What the naira can buy in the market is a measure of its strength. The day when oil can be paid for in naira, as both sides agree, will strengthen the naira, he added, explaining why nobody wants the currency outside of this sector.
To forestall economic collapse in the future, Adeyemi-Bero emphasized that Nigeria must consciously shift its focus away from exports and toward value creation.
We should cut back on exports. Nobody likes to be the one to buy, but when the price is good, our customers will gladly do business with us. Stay away from the naira; I’m making an investment in dollars. Pay me in dollars if I invest in dollars. “But we could definitely pull that off,” he said.
“We need to shift from being export-driven to value-driven,” he said, sternly threatening the consequences of continuing down the current path. Over the next ten years, we must accomplish this or else we will have failed.
When asked about the role that multinational oil corporations had previously played, the OPEC governor pointed out that domestic operators should step up their game.
“The foreign players have contributed to the cause. However, I believe that God also chose to give it to the Nigerians. It’s already in motion; I’ll hand it over to the owners so they can finish it, he declared.
The oil and gas industry, Adeyemi-Bero stressed, would continue to play a pivotal role in helping the country reach its economic goals, such as its $1 trillion aim.
A $1 trillion GDP is Nigeria’s goal. Forget about our current situation. Is it even feasible? Yes. Who is going to find a way to make it happen? It is our duty, and perhaps our foremost obligation, to propel that energy forward. He emphasized the need of having reliable access to energy.
After that, he said, “The oil and gas sector can enable that to happen,” highlighting the importance of energy-led growth for national development. The expansion of the economy is impossible in the absence of fuel and power. Thus, we are obligated.
“The baton has been placed in our hands,” Adeyemi-Bero emphasized, calling on industry participants to seize control of Nigeria’s energy future. Small states like Qatar, the United Arab Emirates, or Saudi Arabia may make a big splash with their oil and gas. We need to rise up as a nation and use ours.
Earlier in his welcome remarks, the President of the Nigerian Association of Petroleum Explorationists, Mr Johnbosco Uche, said the pre-conference workshop was a vital part of the association’s annual conference and a platform for industry leaders to deliberate on critical sector issues.
Uche explained that this year’s conference theme, ‘Revitalising the Nigerian Petroleum Exploration and Production Strategies for Energy Security and Sustainable Development’, reflected the urgency of the times and the need for collective industry action.
In order to achieve its national target and maintain sustainability in the long run, he said, the government must strive to boost production.
Our immediate objective should be to boost output. The country is pushing to hit the three million barrels per day target. Reaching the three million mark is an absolute must. But most importantly, sustaining that production is also key,” Uche stated.
The NAPE president underscored the role of explorers in achieving this objective, adding that maintaining technical excellence was vital for the industry’s survival.
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