Tinubu: Africa’s $120bn Hydrocarbon Wealth Must Benefit Africans
President Bola Ahmed Tinubu has reiterated that Africa’s vast $120 billion hydrocarbon resources must be harnessed to benefit the continent and its people, rather than enriching foreign economies.
Speaking at the 19th OTL Africa Energy Week in Lagos on Monday, Tinubu—represented by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri—lamented Africa’s limited refinery capacity and weak distribution network, which have forced the export of a majority of its crude oil and gas output.
He called for bold investments to fix these bottlenecks and transform Nigeria into a regional refining hub.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reveals that in 2024, Nigeria exported 86% of its total crude oil production and 36% of its domestically produced gas—trends that have slowed efforts to use energy as a driver of local industrial growth.
Tinubu emphasized the need to “change the narrative,” urging that Africa retain a greater portion of its hydrocarbon wealth.
“Africa has proven hydrocarbon resources worth $120 billion, but due to limited refinery and distribution capacity, much of this wealth leaves the continent,” he said. “We must reverse this and make Nigeria a refinery hub.”
The President also challenged the global energy transition discourse, arguing that Africa’s development priorities must take precedence.
“According to statistics, $700 billion will be needed globally to avert an energy crisis by 2050,” Tinubu noted. “The current energy transition drive is not in Africa’s best interest. Where exactly are we transitioning to?”
Backing Dangote Refinery’s plan to expand its output from 650,000 barrels per day to 1.4 million within three years, Tinubu reaffirmed his administration’s commitment to achieving energy security and prosperity.
“We fully support Dangote’s expansion plan to ensure stable energy supply for Nigeria and the continent,” he said, describing the fuel subsidy removal on his first day in office as a “decisive step toward energy reform.”
The President commended the organisers of the OTL Africa Energy Week for their efforts to tackle Africa’s energy poverty and promote sustainable growth across the oil and gas industry.
