Distinguished guests, ladies and gentlemen,

It is my honour to join you at this distinguished gathering.

This conference is timely because West Africa’s energy challenge is entering a new phase.

The question before us is no longer simply whether our region has the resources or refining capacity to meet its energy needs. Increasingly, we do.

The more important question is whether we can build the infrastructure, financing systems, regulatory institutions and transparent markets required to move energy efficiently from where it is produced to where it is needed.

That is why the theme of this conference is so important.

West Africa is not short of demand. We are not short of resources. What has constrained us is the fragmentation of our markets and the absence of sufficient infrastructure to connect supply, demand and capital across the region.

Refining capacity alone does not create energy security.

A refined product only delivers economic value when it can be financed, stored, transported and distributed reliably. Without infrastructure, supply remains stranded. Without transparent pricing, investors price uncertainty rather than opportunity. Without regulatory coordination, borders become bottlenecks rather than gateways to trade.

Price transparency is therefore not simply a reporting exercise. It is essential market infrastructure.

A credible regional benchmark cannot be declared into existence. It must be built on actual transactions, reliable data, sufficient market liquidity and confidence in the institutions that support it.

Our ambition should be that a product refined in West Africa should not have to leave West Africa before the market can credibly determine its value.

Under President Tinubu’s leadership, Nigeria has undertaken difficult but necessary reforms to create a more competitive energy market, strengthen the investment environment and reposition energy as an engine for economic growth.

Today, Nigeria renes the majority of the petrol we consume domestically. Imports have fallen significantly, while refined products produced in Nigeria are increasingly reaching markets across Africa and beyond.

But increased refining capacity also creates a new responsibility.

We must build the pipelines, ports, storage facilities, coastal vessels, trucking networks and trading platforms required to move products safely and e ciently. We must expand access to trade and infrastructure nance. We must establish common product standards and strengthen cooperation between regulators, customs authorities and market participants.

Nigeria’s scale must become a platform for regional energy security—not a substitute for regional cooperation.

The President’s ambition is clear: Nigeria should serve as a dependable anchor for a deeper, more competitive and increasingly integrated West African energy market. To achieve this, every stakeholder represented here has a role.

Financial institutions must develop funding structures that recognise the long-term value of energy infrastructure and support credible projects across the distribution chain.

Industry must invest, execute and provide the reliable transaction data required to build confidence in regional price benchmarks.

Governments must create predictable policies and remove unnecessary barriers to cross-border trade.

And regulators must protect the public interest while enabling investment, innovation and competition.

In this regard, I would like to particularly commend the new Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the leadership direction now emerging at the Authority.

We are seeing a welcome emphasis on transparency, collaboration, commercial pragmatism and constructive engagement with industry.

This approach matters.

Strong regulation is not measured by the number of obstacles placed in the path of investment. It is measured by the clarity of the rules, the consistency of their application, the quality and timeliness of regulatory decisions, and the confidence the regulator inspires in citizens and investors alike.

Investor confidence is not built by lowering standards. It is built by establishing clear standards, enforcing them fairly and ensuring that credible investors can make long-term decisions with certainty.

The task now is to institutionalise this approach and ensure that the market experiences it consistently

This conference has already demonstrated its ability to translate dialogue into tangible outcomes.

The West Africa Regulator Forum emerged from last year’s gathering. S&P Global Commodity Insights has established an office in Abuja, and Platts has introduced Naira-denominated assessments for refined products produced in West Africa.

These are important foundations. But the next phase must be about scale and execution.

We must move from isolated transactions to deeper market liquidity; from individual infrastructure projects to connected regional corridors; and from periodic regulatory cooperation to sustained institutional coordination.

Ultimately, the success of these efforts will not be measured only by the volume of products traded or the sophistication of our price benchmarks.

It will be measured by whether our industries become more competitive; whether businesses can access reliable energy; whether new investments and jobs are created; and whether families across West Africa can obtain the energy they need at more affordable and predictable prices.

That is the purpose of our reforms.

That is the promise of regional integration.

And that is the responsibility entrusted to all of us gathered here today.

I congratulate NMDPRA, S&P Global Commodity Insights, the West Africa Regulator Forum and all the partners who have convened this important conference.

I wish you productive deliberations—and, more importantly, concrete outcomes that advance investment, regional energy security and shared prosperity.

Thank you, and God bless the Federal Republic of Nigeria.