The Minister of State for Petroleum Resources (Oil), Sen Heineken Lokpobiri, says Nigeria will expand its refining capacity and petroleum infrastructure to position the country as West Africa’s energy and trading hub.
Lokpobiri said this at the second edition of the West Africa Refined Fuel Market Conference on Tuesday in Abuja
He said that Nigeria must leverage its strategic position and resources to drive regional energy security
He said the Federal Government’s deregulation of the petroleum sector had unlocked investment opportunities and created a more competitive environment for the industry
According to him, Nigeria can not fully benefit from its petroleum resources without developing adequate refining, midstream and downstream infrastructure
“Refining is not enough; we need to increase our refining capacity to about four million barrels to service the entire African continent,” he said
The minister said Nigeria’s strategic location, large resource base and market size placed it in a strong position to supply refined petroleum products across Africa
He urged investors to take advantage of the opportunities created by the ongoing reforms and invest in refining, storage, transportation and other critical petroleum infrastructure
Lokpobiri said the government was committed to creating an environment capable of attracting domestic and international capital into the petroleum sector
He also called for stronger regulatory collaboration among West African countries to facilitate cross-border investment and petroleum trade
The minister underscored the need for harmonised standards and coordinated regulation, saying regional cooperation was critical to building a sustainable West African petroleum market
He said Nigeria’s success would have a multiplier effect across the region, adding that the country must work with neighbouring countries to achieve shared energy security and economic prosperity
Lokpobiri further called for a sustainable pricing mechanism, saying market-driven pricing was essential to attracting investment and developing a competitive petroleum industry
He said Africa’s huge and growing energy market provided an opportunity for Nigeria to emerge as a leading supplier of refined petroleum products
The minister described the forum as an important platform for advancing discussions on infrastructure, investment and sustainable pricing across the West African petroleum market
He assured participants of the Federal Government’s commitment to supporting initiatives that would strengthen Nigeria’s petroleum industry and promote regional energy integration