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From Femi Folaranmi, Yenagoa
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said Nigeria must prioritise its domestic energy needs before meeting international obligations as the Federal Government moves to strengthen energy security and deepen transparency in the petroleum market.
Lokpobiri stated this in his goodwill message at the West Africa Refined Fuel Market Conference 2026, themed “Funding West Africa Infrastructure and Distribution to Create a Transparent Market for Regional Price Benchmarks.”
The minister said the country’s energy security strategy must begin with fulfilling its obligations to Nigerians, stressing that the ongoing deregulation of the downstream petroleum sector had created a framework for greater participation and accountability among industry stakeholders.
According to him, energy security starts with fulfilling “our domestic obligations before extending to international obligations.”
He said the conference provided an opportunity not only to discuss sustainable pricing mechanisms but also to showcase investment opportunities and competitive advantages in Nigeria’s and Africa’s midstream and downstream petroleum sectors.
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Lokpobiri said the Federal Government remained committed to creating a conducive environment for investment in the petroleum industry, particularly as Nigeria seeks to increase refining capacity and improve fuel distribution.
“Under President Bola Ahmed Tinubu, Nigeria continues to implement measures and initiatives designed to unlock the full potential of the petroleum sector,” he said.
He identified increased refining capacity, efficient distribution infrastructure, transparent pricing and stronger regional integration as critical to building a competitive West African refined-fuel market.
The minister said improved infrastructure and market transparency would also help establish reliable regional price benchmarks and strengthen confidence among investors and other industry participants.
He added that Nigeria, as a major player in the global energy market, had an important role to play in developing an integrated West African petroleum market and positioning the continent to compete more effectively in global energy trade.
The conference brought together stakeholders in the petroleum industry to examine financing, infrastructure, distribution and pricing mechanisms for the refined-fuel market across West Africa.
