Sen. Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), stated that Nigeria plans to scale up its refining output and infrastructure to become a primary energy and trading center for West Africa. Speaking at the second West Africa Refined Fuel Market Conference in Abuja, the minister emphasized that Nigeria must utilize its resource base to ensure regional energy security.
Lokpobiri highlighted that the government’s deregulation of the petroleum industry has opened the door for new investments and fostered a competitive landscape. He noted that achieving success requires more than basic refining; the nation aims to reach a capacity of four million barrels to supply the entire African continent. To reach this goal, he encouraged investors to focus on refining, storage, and transportation infrastructure.
The government remains dedicated to fostering an environment that invites both local and foreign capital. Lokpobiri also advocated for increased regulatory alignment among West African nations to boost cross-border trade and investment. He suggested that implementing market-driven pricing is vital for long-term growth and industry competitiveness. By collaborating with regional partners, Nigeria hopes to secure shared economic prosperity and establish itself as a dominant supplier in the growing African energy market.
