President Bola Tinubu, on Tuesday, stated that Africa must take ownership of its energy resources by creating credible and transparent benchmarks that reflect the continent’s realities and safeguard its economies.
Speaking ahead of the Global Commodity Insights Conference on West African Refined Fuel Markets scheduled to hold in Abuja this week, the President said Nigeria would work with regional partners to build an integrated energy market that ensures value for Africa.
The conference, hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in collaboration with S&P Global Insights, will bring together Africa’s energy leaders and global partners to discuss pricing, regulation, and market development.
“Africa can no longer remain a price taker for its resources. It is time to establish credible, transparent benchmarks that reflect our realities and protect our economies,” Tinubu said in a statement via his X handle.
He noted that Nigeria is pursuing reforms in refining, regulation, data transparency, and trade flows to foster regional cooperation and deepen economic integration.
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“Through this strategic platform, we are creating a transparent, Africa-led reference market that is rooted in collaboration, regulatory alignment, and economic self-determination,” he added.
Tinubu stressed that the continent must take ownership of its energy value chain.
He said, “We must price what we produce, trade on our terms, and secure value for our economies and future generations. This is how we shape our energy future.”
The two-day conference is expected to feature key stakeholders from the energy sector, including regulators, traders, and policy experts, who will deliberate on market stability, energy security, and investment opportunities in Africa’s downstream and midstream sectors.
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