President Bola Tinubu has called on African nations to assert greater control over their energy resources by establishing credible and transparent benchmarks that reflect the continent’s realities and protect its economies.
Speaking on Tuesday ahead of the Global Commodity Insights Conference on West African Refined Fuel Markets, scheduled to hold this week in Abuja, President Tinubu emphasized the need for Africa to move beyond being a price taker in global energy markets.
“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,” the President said in a statement shared via his official X handle.
The two-day conference is being hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in collaboration with S&P Global Insights, and will bring together key stakeholders in Africa’s energy sector , including regulators, traders, and policy experts , to discuss issues around pricing, regulation, and market development.
Tinubu reiterated Nigeria’s commitment to leading regional efforts to create an integrated energy market that delivers value for African nations. According to him, ongoing reforms in refining, regulation, data transparency, and trade flows are central to Nigeria’s strategy for fostering regional cooperation and deepening economic integration.
“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 said.
Highlighting the broader vision, Tinubu stressed that Africa must take ownership of its energy value chain and shape its future on its own terms.
“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 President stated.
The conference will focus on issues of market stability, energy security, and investment opportunities within the continent’s midstream and downstream sectors.
