President Bola Tinubu has articulated a pivotal vision for Africa’s energy sector, underscoring the continent’s need to own and regulate its energy resources rather than remain at the mercy of external pricing mechanisms. Ahead of an imminent regional energy conference in Abuja, Tinubu conveyed Nigeria’s intention to lead cooperative efforts to construct an integrated market that guarantees fair value for African countries.
The Global Commodity Insights Conference, co-hosted by Nigeria’s petroleum regulatory authority and S&P Global Insights, aims to unite policymakers, regulatory agencies, traders, and investors from across Africa to refine strategies on fuel pricing, regulation, and market development.
“Africa can no longer remain a price taker for its resources,” Tinubu declared, emphasizing the necessity of “credible, transparent benchmarks that reflect our realities and protect our economies.”
Nigeria’s reform agenda spans refining capacity upgrades, strengthening regulations, improving data transparency, and facilitating smoother trade flows, all targeted at cementing stronger regional energy cooperation and economic unity.
“The essence of this initiative,” Tinubu remarked, “is to price our production fairly, conduct trade on African terms, and safeguard economic gains for present and future generations.”
Discussions during the conference will center on market stability, investment prospects, and ensuring energy security in the continent’s midstream and downstream sectors, signaling growing momentum towards energy self-reliance.