Tinubu advocates for Africa-driven energy market, calls for equitable pricing
Tinubu advocates for Africa-driven energy market, calls for equitable pricing
President Bola Tinubu on Tuesday emphasized the need for Africa to take charge of its energy resources by establishing credible and transparent pricing benchmarks that reflect the continent’s unique realities and protect its economies.
Speaking ahead of the Global Commodity Insights Conference on West African Refined Fuel Markets, set to take place this week in Abuja, Tinubu affirmed Nigeria’s commitment to collaborating with regional partners to develop an integrated energy market that delivers value for Africa.
The conference, organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in partnership with S&P Global Insights, will convene Africa’s energy leaders and global stakeholders to address issues related to pricing, regulation, and market development.
“Africa must stop being a price taker for its own resources. Now is the time to create transparent and credible benchmarks that represent our interests and safeguard our economies,” Tinubu stated via his X handle.
He noted that Nigeria is pursuing reforms in refining, regulation, data transparency, and trade flows to foster regional cooperation and deepen economic integration.
Through this strategic platform, we are creating a transparent, Africa-led reference market that is rooted in collaboration, regulatory alignment, and economic self-determination,” he added.
Tinubu stressed that the continent must take ownership of its energy value chain.
He stated, “We must set the prices for what we produce, trade on our own terms, and ensure we capture value for our economies and future generations. That is how we take control of our energy future.”
The two-day conference will bring together major players in the energy sector, including regulators, traders, and policy experts, to discuss strategies for enhancing market stability, ensuring energy security, and attracting investment in Africa’s midstream and downstream sectors.
