Nigeria aims to become West Africa’s refined petroleum marketing hub, backed by government support and bold policy changes, says Minister Lokpobiri

The Federal Government has renewed its commitment to making Nigeria the marketing hub for refined petroleum products in West Africa.

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Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), announced this during his keynote speech at the West African Refined Fuel Market Conference.

The event was hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The conference, themed “Creating a West African Reference Market for Oil & Gas Products,” saw the Minister emphasise the government’s strategic plans.

These aim to support refiners, marketers, and regulators to foster seamless regional trade.

“Our ambition is to ensure Nigeria becomes the centre of refined product marketing in West Africa,” Lokpobiri said in a statement released by his Special Adviser on Media and Communication, Nneamaka Okafor.

He explained that continuous support for refiners and stakeholders will help stimulate growth and build a world-class trading ecosystem.

The Minister also noted that the government’s efforts extend across the oil value chain.

“We are witnessing considerable growth across the value chain, and this is no coincidence. It is the result of deliberate policy interventions,” he added.

Lokpobiri praised President Bola Ahmed Tinubu’s decision to remove the fuel subsidy, calling it a catalyst for expansion in the downstream sector.

“The removal of petroleum subsidy is already triggering expansion in the market and encouraging private sector investment,” the Minister stated.

He further commended indigenous operators in refining and urged local and international investors to capitalise on the opportunity to invest in Nigeria’s refining capacity.

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“By expanding our refining capacity, we won’t just meet domestic demand, we will service the entire West African market and beyond,” he concluded.