Nigeria is boosting in-country refining and downstream investments, with Minister Lokpobiri emphasizing its key role in the petroleum value chain and revenue potential during a visit from OTL Downstream CEO Joyce Akabogu.A barrel of crude sells for about $70, but refining can yield triple that value.
The ministry is boosting local refining—issuing new licenses and removing subsidies—to cut dependency on imported products and lower prices, aiming for Nigeria to become a net exporter. CEO Joyce Akabogu’s visit highlighted collaboration for the upcoming OTL Africa Downstream Energy Week.
The Minister voiced the Ministry’s backing for OTL Africa Downstream Energy Week, emphasizing its exclusive focus on the downstream sector compared to broader initiatives. He noted that Nigeria is ideally positioned to host the event due to its key role in the global energy market.
He also praised the event secretariat for their early preparations, which he believes underscores the event’s potential to drive industry growth and sustainability. Additionally, he confirmed that he, along with other Ministry agencies, will participate in the 2025 event.
