President Bola Tinubu has called on African nations to take control of the continent’s energy resources by establishing transparent pricing benchmarks that reflect African realities and protect local economies.
Speaking ahead of the Global Commodity Insights Conference on West African Refined Fuel Markets, scheduled to take place in Abuja this week, Tinubu emphasized the need for a united African energy strategy.
The event, hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in partnership with S&P Global Insights, will gather regional energy leaders and global stakeholders to address issues such as pricing, regulation, and market development.
“Africa can no longer remain a price taker for its own resources,” Tinubu said in a post on his official X handle. “It’s time to develop credible, transparent benchmarks that serve our economies.”
The President affirmed Nigeria’s commitment to collaborating with its neighbors to build an integrated, Africa-led energy market. He noted that Nigeria is currently reforming its refining systems, trade flows, regulatory frameworks, and data transparency.
“Through this strategic platform, we are creating a transparent reference market rooted in collaboration, regulatory alignment, and economic self-determination,” he added.
Tinubu also urged African nations to take full ownership of the energy value chain. “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,” he said.
The two-day conference will feature energy regulators, policy experts, and industry stakeholders. Key discussions will focus on market stability, energy security, and investment opportunities in Africa’s downstream and midstream sectors.
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