President Bola Ahmed Tinubu has urged the need for Nigeria to strive in order to retain huge proportion of Africa’s $120bn worth of hydrocabon resources.

According to him, Africa’s $120bn worth of hydrocabon resources must benefit its people and continent.

President Tinubu made this appeal during the 19th edition of the OTL Africa Energy Week in Lagos, urging on the need to attract investment in Nigeria by expanding investment in the downstream, the mainstream, and in the upstream sectors.

Represented by the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, he said that though, majority of the $120 billion goes to the countries outside the continent due to limited refining capacity and distribution network but urged the need to change the narrative in order to retain huge chunks of the money in the continent.

“Data have shown that Africa has enough markets. “By 2024, the data available shows that Africa imported $120 billion worth of hydrocarbon resources. And it shows that Africa has the markets.

“But this is not given as a kind of value that we should really have, because we have limited refining capacity, we also have limited distribution network, and so, most of the money still goes back to countries outside the continent.

“But for Nigeria, our target is to see how we can retain the large proportion of that value,” the president said.

For this reason. the president said he joined NMDPRA to launch the West African Refines Market in an attempt to make Nigeria the refining distribution hub of Africa.

According to him, the entire continent is waiting for Nigeria.

“And you and I know, those of you who are in the downstream sector know that when you bring your products, you don’t just distribute to Nigeria, it goes to the rest of the countries,” he said.

 

Tinubu declared that Nigeria would keep striving to retain the greater portion of its oil exports, hence reason for encourage investments that will make Nigeria a refinery hub.

The president declared support for Dangote Refinery’s planned production expansion from 650,000 barrels per day to 1.4 million barrels per day in three years.

“And yesterday, I had the good news that Dangote is expanding, or he’s proposing to expand his capacity to 1.4 million barrels per day.

“That will not just save Nigeria, that will not just save West Africa, it will save Africa, it will save the entire world. So it’s good news,” he said.

“And Federal Government will support him all the way to accomplish that.

“The main reason why the president on the day he was being sworn in, he announced subsidy removal, was because with subsidy, private sector was not going to grow,” the minister said

Meanwhile, the Chairman of the Advisory Board of OTL Africa Downstream Energy Week, Otunba Adetunji Oyebanji, has called for renewed collaboration, policy consistency, and innovation to drive Africa’s energy sustainability and competitiveness in a rapidly changing global landscape.

Speaking at the opening session of the 19th OTL Africa Downstream Energy Week, Oyebanji said this year’s theme — “Energy Sustainability: Growth Beyond Boundaries & Competition” — underscores the need for Africa and Nigeria to look beyond conventional limits and create an energy future anchored on integration, inclusiveness, and responsible growth.

He described the OTL Africa Downstream Energy Week as a bridge between policy and practice, bringing together regulators, operators, investors, and innovators to shape the future of Africa’s downstream energy industry.

“Energy sustainability is not merely about preserving resources; it is about ensuring that our growth today does not compromise the prosperity of tomorrow,” Oyebanji said. “We must build an industry that is competitive, responsible, and adaptable to a rapidly changing global environment.”

Oyebanji who is the former Chairman of the Major Energy Marketers Association of Nigeria (MEMAN), observed that the global energy sector is undergoing major shifts, driven by geopolitical tensions, supply uncertainties, and the accelerating march toward energy transition. Conflicts in Eastern Europe and the Middle East, he said, have kept oil markets tight, while the global push toward cleaner fuels and renewables is reshaping investment priorities.

For Africa, these trends present both challenges and opportunities. He stressed that the continent, richly endowed with natural resources and human capital, must move beyond being just a supplier of raw hydrocarbons to becoming a hub for innovation, efficiency, and value addition.

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