- Welcoms Dangote Refinery's 1.4m bpd expansion
President Bola Tinubu yesterday declared that Africa's $120 billion worth of hydrocarbon resources must be made to benefit the continent and its people.
He spoke at the 19th edition of the OTL Africa Energy Week in Lagos, maintaining that limited refinery capacity and distribution network in Africa have led to exports of larger chunk of oil and gas expenditure to countries outside Africa'
Follow us on WhatsApp | LinkedIn for the latest headlines
He advocated for a change of status quo through fixing of refinery capacity and distribution network challenges.
Daily Trust reports that the nation has continued to rely on importation of refined petroleum products despite having four refineries.
However, importation reduced drastically following the coming of the Dangote Refinery
Represented by the minister of state for Petroleum Resources (oil), Heineken Lokpobiri, Tinubu declared that Nigeria would keep striving to retain the greater portion of its oil exports, "and this is why we encourage investments that will make Nigeria a refinery hub."
He said: "Africa has a proven $120 billion worth hydrocarbon resources. We, however, have limited refinery capacity and distribution network, and based on this, a larger chunk of this money is exported to countries outside Africa.
"We want to retain the greater portion of that, and this is why we encourage investments that will make Nigeria a refining hub.
"We want the focus of this conference and of all conferences to tilt towards a changed narrative. Let the narrative change.
"According to statistics, $700bn should be spent if the world is to avoid an energy crisis by 2050. The hues on energy transition are not in the best interest of Africa. It is not in the best interest of Nigeria. Where are we transitioning to?"
...Backs Dangote's refinery expansion
The President also declared support for Dangote Refinery's planned capacity expansion from 650,000 barrels per day to 1.4 million barrels per day as announced on Sunday by the Chairman of Dangote Group, Alhaji Aliko Dangote.
The President stated that he had "never hidden his desire to guarantee energy prosperity for Nigeria, as evident in the subsidy removal on our first day in office - a decision that has turned out to be a far better decision for our energy industry. We are changing the narrative."
"And, yesterday, we heard in the news that Dangote wants to expand to 1.4 mbopd, and the federal government shall support that move to enhance supply stability in Nigeria and for Africa," he said.
Otunba Adetunji Oyebanji, Chairman Advisory Board of OTL said, "As we look to the future, the imperative is clear: Africa must define its own path to energy sustainability. The opportunities before us are immense, but they require courage, clarity, and cooperation.
"We must invest in infrastructure, pipelines, depots, data systems, and digital tools. We must build capacity through research, training, and innovation. And we must hold ourselves accountable to the highest standards of transparency and environmental responsibility.
"The downstream sector remains at the heart of Africa's energy value chain. Its growth and transformation will determine how successfully we navigate this new era of sustainability and competition. Let us therefore seize this moment with purpose and foresight, working together to ensure that our industry not only survives change, but leads it."
He added that it is a meeting point for thought leaders, regulators, operators, investors, and innovators committed to building a strong and sustainable future for Africa's downstream energy sector.
He said, "I think for this year, 'Energy Sustainability, Growth Beyond Boundaries and Competition,' is both timely and visionary.
"It reflects the realities of today's energy landscape, one defined by volatility, innovation, and transformation and challenges us to seek growth that is sustainable, inclusive, and equitable.
"The global energy industry is once again at an inflexion point. Across continents, shifting geopolitical tensions continue to influence production, pricing, and supply chains."
...Downstream sector undergoing transformation - NNPCL
Executive vice president (EVP) of downstream, NNPC Ltd., says the nation's downstream oil and gas sector is undergoing a transformation driven by deregulation, foreign exchange reforms, and strategic collaborations.
He said recent policy reforms had unlocked new growth opportunities, encouraging integration, innovation, and stronger partnerships across the energy value chain.
"We are witnessing strategic measures, supply partnerships, and joint investments that signal a shift from siloed operations to integrated ecosystems.
"These developments are not merely transactional; they are structural, redefining how we produce, distribute, and consume energy," Mr Dagazau said.
The NNPC executive noted that sustaining the current momentum required prioritising key enablers such as security, infrastructure, innovation, and transparency.
He said, "The safety of our people and assets is foundational. Investment in robust infrastructure is essential to meet demand and unlock new opportunities."
Mr Dagazau said frameworks like the Petroleum Industry Act (PIA) and fiscal incentives for renewable and gas projects were creating a stable environment for long-term investment.
He emphasised the growing role of digitisation, automation, and low-carbon technologies, saying they were key to achieving operational excellence and reducing environmental impacts.
Mr Dagazau also noted that government reforms had catalysed growth in the liquefied petroleum gas (LPG) and compressed natural gas (CNG) markets, opening new business frontiers and empowering indigenous small and medium enterprises.
"Despite local and global headwinds, Nigeria's downstream sector enjoys strategic advantages. Abundant reserves and expanding infrastructure position the country as a regional energy hub," Mr Dagazau noted.
He added that the transition to cleaner fuels presented niche export opportunities, while access to international financing platforms was enhancing competitiveness.
He explained, "Collaboration is Africa's new competitive edge. To consolidate our gains and unlock new frontiers, cooperation must become our default mode."
He noted that platforms such as OTL Africa Downstream Week remained vital in aligning stakeholders and advancing shared industry goals.
"At NNPC Limited, we are deploying new infrastructure and revamping existing assets to support strategic alliances.
"Our co-investments across upstream, midstream, and downstream operations reflect our belief that shared growth is sustainable growth," he maintained.
He urged industry leaders to view sustainability as a catalyst, not a constraint, and to see it as driving profitability, innovation, and long-term value.
Dagazau reaffirmed NNPC Ltd's commitment to building an inclusive, secure, and sustainable energy future, calling for purpose-driven innovation and collaboration.
Also speaking, Governor Babajide Sanwo-Olu of Lagos State described the OTL Africa Downstream Energy Week as the continent's foremost platform for driving energy dialogue, policy reform, and investment.
Represented by the commissioner for energy resources, Abiodun Ogunleye, Sanwo-Olu said Lagos had hosted nearly every edition of the event over the years, reinforcing the city's status as the energy and logistics capital of sub-Saharan Africa.
He commended the OTL Africa platform for its impact, noting that it had influenced major policy shifts and encouraged private-sector participation across the continent.
The governor cited recent multibillion-naira investments by Mainland Oil and Gas and long-term partnerships with Rainoil Ltd as examples of how engagement through the forum continued to stimulate growth.
He added that global technology firms such as Dover Fuelling Solutions had leveraged the platform to introduce automation and digital tools, transforming Africa's fuel retailing sector.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
The governor reiterated Lagos State's commitment to clean energy and inclusive growth through initiatives such as the Lagos Electricity Policy and Energy Transition Plan, which promote private participation and sustainable development.
Mr Sanwo-Olu welcomed delegates and investors, expressing optimism that the forum would unlock new opportunities for Nigeria and the continent.
Chief Executive Officer, OTL Downstream Development in Africa Ltd/Gte, Mrs Joycee Akabogu, said the conference may be a spark of new opportunities for Lagos, Nigeria and for Africa.
According to her, the gathering brings to memory the strength of their community, a community driven by innovation, resilience, and a shared belief that Nigeria, and indeed Africa, can and must define its own energy future.
She said: "This year's theme, 'Energy Sustainability Growth Beyond Boundaries and Competition,' captured that vision perfectly. According to her, this is because for Africa, sustainability is not a choice between one energy source and another.
"It is about creating balance in our energy mix, a mix that includes oil, gas, renewables, and emerging technologies, all working together to power growth, expand access, and uplift lives.
"Our challenge is not simply to supply energy, but to make it affordable, reliable, and accessible to every community. To make energy an instrument of progress and privilege.
"And nowhere is this more visible than in the downstream spectrum. This is where energy meets the people, where policy becomes reality, where the effectiveness of governance, good or bad, is experienced every single day, at the forefront, in transportation, in power availability, and in the productivity of our economy.
"When the downstream works well, citizens feel it. When it doesn't, the nation feels it too. That is why this sector must continue to stay at the centre of Africa's growth strategy."
