The Chairman of the OPEC Board of Governors for 2025, Adeyemi-Bero, has urged Nigerian oil producers and policymakers to prioritise domestic refining and value addition as a strategy to strengthen the naira and drive industrial growth.
Speaking at an industry engagement in Lagos, Adeyemi-Bero said Nigeria’s over-reliance on crude exports continues to undermine economic stability and exposes the nation to foreign exchange vulnerability.
He stated that the country must adopt a value-driven energy policy anchored on refining, petrochemical integration, and industrial utilisation of crude resources.
According to him, crude oil should no longer serve merely as an export commodity but as an industrial input capable of stimulating manufacturing, creating employment, and enhancing fiscal resilience.
He noted that processing oil locally would allow Nigeria to retain capital inflows, reduce the demand for foreign currency, and limit exposure to external price fluctuations.
Adeyemi-Bero explained that the strength of the naira depends largely on domestic productivity and the degree to which the country converts its resources into tradable value.
He emphasised that exporting crude and importing refined petroleum products has placed persistent pressure on the exchange rate and restricted macroeconomic flexibility.
He said the energy sector must now be leveraged to drive local production and support the federal government’s reform agenda targeted at achieving sustained growth.
Industry data indicate that countries with strong refining bases, such as Saudi Arabia, the United Arab Emirates, and Qatar, have achieved currency stability and diversified fiscal earnings through downstream investments.
Adeyemi-Bero added that replicating such models in Nigeria would support the federal government’s industrialisation objectives and enable the country to compete in energy-linked manufacturing.
Expanding refining capacity and midstream infrastructure, he noted, would strengthen domestic supply chains, enhance export potential, and boost GDP performance.
He commended recent private-sector initiatives that have advanced domestic refining, describing them as critical to Nigeria’s macroeconomic transition.
According to him, the expansion of local refining capacity will reduce reliance on imported fuel, ease foreign exchange pressure, and improve liquidity in the domestic market.
Adeyemi-Bero also highlighted the broader role of energy access in achieving Nigeria’s $1 trillion economy target. He stated that energy security and industrial utilisation of crude oil remain fundamental to sustaining growth across all sectors. Without reliable fuel supply and electricity, he said, industrial output would remain constrained, limiting national productivity.
He called on indigenous producers to assume greater responsibility for the sector’s next growth phase, noting that international oil companies had already played their part in developing the upstream industry.
The future, he said, depends on the capacity of Nigerian operators to build refining assets, develop gas value chains, and lead the nation’s energy transformation.
Analysts believe the OPEC Governor’s position aligns with Nigeria’s ongoing fiscal and foreign-exchange reforms.
Expanding local refining is expected to cut import dependence, stabilise foreign reserves, and strengthen the naira through reduced dollar demand for fuel imports.
The emphasis on domestic value creation reflects a broader policy consensus across the energy industry.
Economists maintain that if Nigeria successfully shifts from export-driven growth to value-driven industrialisation, the country could achieve a more stable currency, improve trade balances, and enhance its competitiveness across the African energy market.
Adeyemi-Bero’s comments reaffirm OPEC’s long-standing position that resource-rich nations must retain greater value from their hydrocarbons to achieve sustainable development.
For Nigeria, the transition from exporting crude to refining and exporting finished products remains a critical pathway to macroeconomic stability and industrial expansion.