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2025 Conference on West African Refined Fuel Market

July 22, 2025

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) / PLATTS S&P Global Commodity Insights 2025 Conference on the West African Refined Fuel Market

Date: July 22nd – July 23rd, 2025

Transcorp Hilton, Abuja

From July 22nd to 23rd, 2025, Nigeria hosted Africa’s energy leaders, regional regulators, and global partners in Abuja for the Global Commodity Insights Conference on the West African Refined Fuel Market, organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in collaboration with S&P Global Commodity Insights.

The conference served as a strategic platform to advance the development of an African pricing reference market for refined petroleum products, with emphasis on collaboration, regional standardisation, energy security, and sustainability.

These are the highlights from Day 1.

Disclaimer: The views and opinions expressed in this article are solely those of the author.

AFRICAN ENERGY SERIES

Opening Remarks

The welcome address was delivered by Engr. Farouk A. Ahmed, FNSE, Authority Chief Executive (ACE) of NMDPRA, and Ms. Vera Blei, Head of Market Reporting & Trading Solutions, S&P Global Commodity Insights. They introduced the day’s focus on building robust market benchmarks and pricing indices for the West African refined fuels market.

Engr. Ahmed emphasized the need for region-specific frameworks in energy trading and highlighted the inadequacy of current benchmarking models in capturing Africa’s unique economic context. He also referenced OPEC’s projections for regional refining and commended the collaboration with S&P Global as a step toward improved price reporting and market transparency.

Goodwill Messages

Messages of support were delivered by:

  • Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, represented
  • Rt. Hon. Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas), represented by the Director of Gas
  • Mr. Nuhu Ribadu, National Security Adviser, represented
  • Sen. Kawu Sumaila, Chair, Senate Committee on Downstream
  • Hon. Ugochinyere Ikeagwuonu, Chair, House Committee on Downstream
  • Mr. Bashir Ojulari, GCEO, NNPCL
  • Mr. Anibor Kragha, ES, ARDA

Their remarks underscored the need for strategic cross-border integration, regional trade facilitation, and improved local refining capacity. The Ministry of Finance pledged full support for NMDPRA’s initiatives, while the National Security Adviser’s office reported near-zero pipeline infractions due to enhanced security frameworks. The legislators praised the drop in petrol importation and cross-border smuggling, attributed to regulatory effectiveness, and reiterated their commitment to adequate funding and industry competitiveness.

Engr. Farouk A. Ahmed, FNSE, Authority Chief Executive (ACE) of NMDPRA

Ms. Vera Blei, Head of Market Reporting & Trading Solutions, S&P Global Commodity Insights

Left to right – Mr. Clement Isong, CEO, MEMAN | Engr. Momoh Oyarekhua, Chairman, CORAN

Keynote Address

Delivered by Senator Heineken Lokpobiri, Ph.D, Minister of State for Petroleum Resources (Oil), the keynote praised Alhaji Aliko Dangote for building the world’s largest refinery. Lokpobiri stressed that while renewable energy is crucial, fossil fuels remain central to global energy needs. He encouraged increased refining capacity and private sector-led growth, stating Nigeria’s ambition to become a continental refining hub.

Senator Heineken Lokpobiri, Ph.D, Minister of State for Petroleum Resources (Oil)

Technical Presentations

  1. Alhaji Aliko Dangote, GCON – Dangote Group

Topic: Building an African Refinery Hub: Prospects and Challenges
Alhaji Dangote provided key statistics:

  • Africa consumes 60% of its own crude oil but refines only 40% domestically.
  • Sub-Saharan Africa lags far behind Europe and Asia, which refine up to 95% of their crude.
  • The continent imports 120 million tonnes of refined products annually, exporting jobs and economic value.

He emphasized the economic inefficiency of exporting crude and re-importing refined products. While supportive of global trade, he advocated for a fair, efficient, and harmonized regional market. He recounted the technical, commercial, and bureaucratic hurdles faced in setting up the Dangote Refinery and acknowledged NMDPRA’s support. He also highlighted the urgent need for regional fuel specification harmonization to curb inefficiencies.

Alhaji Aliko Dangote, GCON – Dangote Group

  1. Mr. Francesco Di Salvo – Global Director, Clean Refined Products Pricing Platts

Topic: Framework for Regional Reference Markets – Global Success Stories
Francesco outlined:

  • The potential for robust growth in Africa’s refined product market.
  • The fundamentals of reference markets and pricing mechanisms.
  • The progress of Platts benchmarks in developing refined product reference prices for West Africa.

Mr. Francesco Di Salvo – Global Director, Clean Refined Products Pricing Platts

  1. Bismarck Rewane – Financial Derivatives Company Ltd

Topic: Nigeria’s Economic Outlook
Joining virtually, Mr. Rewane presented key statistics on GDP growth, economic positioning, and macroeconomic indicators relevant to the refined fuel sector.

Panel Session: Building an African Refinery Hub

Panellists:

  • Mr. Ogbugo Ukoha, ED, DSSRI, NMDPRA
  • Engr. I.O. Anyanwu, NUPRC
  • Mr. Adebayo Aderenle, Refineries Coordinator, NNPCL
  • Engr. Momoh Oyarekhua, Chairman, CORAN
  • Mr. Anibor Kragha, ES, ARDA

Moderator by: Mr. Bode Sowunmi, MD, Crabtree Ltd

Key takeaways:

  • The need for localized refining and policy frameworks.
  • Development of regional pricing benchmarks.
  • Crude supply assurance legislation.
  • Enabling monetary reforms for cross-border trade in local currencies.
  • Focus on building regional logistics networks and human capital.

Plenary Sessions (Chaired by S&P Global Team)

Focused on:

  • Trends in European and African gasoline/diesel markets.
  • Evolving supply-demand dynamics.
  • Platts price benchmarks for African markets.
  • Data standardisation, transparency, and the Market-on-Close (MOC) methodology.
  • West African Crude Oil Market Trends and the Role of Platts Dated Brent.

Panel Session: Building an African Refinery Hub

Closing Remarks

Delivered by Prof. Zainab Gobir, Executive Director, ERSP, NMDPRA, who thanked participants and emphasized the commitment to continuous collaboration for the benefit of Nigeria and the West African energy landscape.

Prof. Zainab Gobir, Executive Director, ERSP, NMDPRA

Left to right – Mrs. Ogechi Nkwoji, Head Economic Intelligence, Research and Regulation, MEMAN | Prof. Zainab Gobir, Executive Director, ERSP, NMDPRA

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