President Bola Ahmed Tinubu has called on African nations to unite in shaping a continent-led fuel market, stressing the importance of taking charge of pricing and trade of Africa’s natural resources.
In a statement released via his verified X (formerly Twitter) account on Tuesday, Tinubu emphasized that Africa must no longer remain at the mercy of external markets as a “price taker,” particularly when it comes to energy commodities.
The President’s remarks come just ahead of the Global Commodity Insights Conference on West African Refined Fuel Markets, set to take place in Abuja. The high-level event, hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in collaboration with S&P Global Insights, will gather regional energy stakeholders and international experts.
“Africa can no longer remain a price taker for its resources. It is time to establish credible, transparent benchmarks that reflect our realities and protect our economies,” Tinubu said in the post.
He called for the establishment of an integrated African energy market, one grounded in collaboration, transparency, and harmonized regulation. According to him, such efforts will allow the continent not only to refine and manage its energy resources more effectively but also to ensure fair value through trade.
“From refining to regulation, data transparency to trade flows, Nigeria is working with regional partners to build an integrated market that rewards our production, secures energy for our people, and deepens prosperity across borders,” he noted.
The President described the upcoming conference as a key step toward building a transparent, Africa-led reference point for energy trade. He added that such initiatives are vital for Africa’s economic independence and long-term development.
“This is how we take ownership of our value. This is how we shape our energy future. We must price what we produce, trade on our terms, and secure value for our economies and future generations,” Tinubu stated.
The Abuja conference is expected to tackle pressing issues such as regional fuel supply gaps, the need for pricing transparency, and ways to accelerate the integration of African energy markets. The gathering aligns with Nigeria’s broader agenda for energy sector reform and its ambition to emerge as a major hub for refined petroleum products and energy-related data across the continent.
