Africa must take responsibility for its energy resources by establishing clear and reputable standards that represent the continent’s realities and protect its economies, President Bola Tinubu said on Tuesday.
The President stated that Nigeria would collaborate with regional partners to create an integrated energy market that guarantees value for Africa, ahead of this week’s Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja.
Africa’s energy executives and international partners will gather at the conference, which is being sponsored by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in partnership with S&P Global Insights, to talk about pricing, regulation, and market development.
“Africa cannot continue to be a resource price taker. In a statement sent through his X account, Tinubu stated, “It is time to set transparent, credible standards that represent our realities and safeguard our economies.”
He stated that in order to promote regional cooperation and strengthen economic integration, Nigeria is working to implement changes in the areas of trade flows, regulation, data transparency, and refining.
“We are establishing a transparent, Africa-led reference market through this strategic platform, which is based on cooperation, regulatory alignment, and economic self-determination,” he continued.
Tinubu emphasized the need for the continent to assume responsibility for its energy value chain.
“We must secure value for our economies and future generations, price what we produce, and trade on our terms,” he stated. We will shape our energy future in this way.
Key players in the energy sector, such as traders, regulators, and policy experts, are anticipated to attend the two-day conference. They will discuss topics such as energy security, market stability, and investment prospects in Africa’s midstream and downstream industries.
