OPEC Urges Nigerian Refiners to Add Value to Crude Oil for Economic Prosperity

The Chairman of OPEC's Board of Governors, Ademola Adeyemi Bero, advised Nigerian oil refiners to increase the value creation of crude oil locally to support economic growth. Bero highlighted the need to move away from decades of crude oil export focus and retain value within the local economy.

He emphasized the potential impact on GDP and foreign exchange if local refineries like Dangote Refinery produce fuel locally. Bero stressed the importance of utilizing local refineries to stabilize the Naira and strengthen Nigeria's economy by selling oil in Naira.