Nigeria eyes West Africa’s refined products market

– As Lokpobiri rallies investors

Mkpoikana Udoma

Port Harcourt — Nigeria is aggressively positioning itself as the refining hub for West Africa, leveraging ongoing policy reforms, investor-friendly regulations, and increasing upstream activity to attract local and foreign investment into the midstream and downstream sectors.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made this known while delivering the keynote address at the West African Refined Fuel Market Conference, organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, in Abuja, recently.

Themed “Creating a West African Reference Market for Oil & Gas Products,” the conference brought together industry regulators, players, and stakeholders from across the continent to explore opportunities for regional trade, collaboration, and market integration.

Lokpobiri said Nigeria’s strategy to boost refining capacity is directly tied to reforms in the upstream sector, which have begun yielding results.

“As a Government, our ambition is clear: to position Nigeria as the marketing hub for refined petroleum products in West Africa. This is why we continue to provide support to our refiners, marketers, and the NMDPRA, creating an enabling environment for seamless trading across the region.

“In driving success to the midstream and downstream sectors, we are growing the upstream segment deliberately, which has recorded growth,” he stated.

He cited President Bola Ahmed Tinubu’s removal of the fuel subsidy as a decisive step toward stimulating investment in refining and unlocking Nigeria’s vast potential in the downstream sector.

“This vision is reflected in President Bola Ahmed Tinubu’s bold decision to remove the subsidy on petroleum products, a move designed to unlock growth and stimulate investment in the downstream sector,” he said.

While commending indigenous operators in Nigeria’s refining space, the Minister urged other private players and investors to take advantage of the current reforms and investment incentives.

“I commend our indigenous players in the refining industry, but I urge more investors to seize this opportunity. By expanding our refining capacity, Nigeria can not only meet domestic demand but also become the refining hub for West Africa and the continent at large.”

Lokpobiri’s remarks align with the Federal Government’s push for a gas-based and refining-led economy, capable of delivering energy security, job creation, and regional trade expansion.

Industry watchers say the removal of the subsidy and ongoing infrastructural developments, including the Dangote Refinery and the modular refining initiatives, are already drawing interest from investors looking to tap into regional demand for refined petroleum products.

The NMDPRA conference is expected to yield new partnerships and actionable frameworks to make Nigeria the anchor of refined fuel supply in West Africa.