Nigerian President Bola Tinubu has reaffirmed the commitment of the Nigerian government to strengthen energy security through domestic refining, improved crude supply and increased investment in the petroleum sector.
President Tinubu, who was represented by the Permanent Secretary, Federal Ministry of Petroleum Resources, Mrs Patience Oyekunle, Tinubu spoke at the ongoing 20th edition of OTL Africa Downstream Energy Week 2026 on Monday in Lagos, said that expanding domestic refining capacity and rehabilitating government-owned refineries were key to cutting dependence on imported products and positioning Nigeria as a regional energy hub.
He said that the ongoing petroleum sector reforms were designed to attract investment, strengthen domestic value addition and improve Nigeria’s competitiveness in regional energy markets.
In her remarks, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs. Oritsemeyiwa Eyesan, said that reliable crude supply was essential to sustaining domestic refining and strengthening energy security.
Represented by Mr Prosper Omoneto, a director in the commission, Eyesan said that the Petroleum Industry Act provided for domestic crude supply obligations, but noted that supply to local refineries had faced challenges, including commercial disagreements between suppliers and refiners operating under a willing-buyer, willing-seller framework.
She said that the commission was consulting on a proposed crude-swap framework that could enable refiners to receive crude oil from production or export points closer to their facilities, to reduce transportation costs and address logistical challenges.
The four-day OTL Africa Downstream Energy Week, which opened on Monday, Oct. 26, has the theme “Secure Energy, Shared Prosperity”.
GIK/APA