Energy sector stakeholders have called for stronger financing, regulatory convergence, and active cross-border cooperation to establish a transparent regional petroleum pricing hub in West Africa.
The call was made during the second edition of the West Africa Refined Fuel Market Conference hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in collaboration with S&P Global Commodity Insights and the West African Regulators Forum (WARF).
The two-day regional event, which took place at the Transcorp Hilton in Abuja from August 11 to 12, 2026, centered on the theme: “Funding West Africa Infrastructure & Distribution to Create a Transparent Market for Regional Price Benchmarks.”
Commitment to Energy Sovereignty and Infrastructure
In an address delivered at the summit, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, reaffirmed Nigeria’s dedication to regional energy security, investor protection, and deregulation.
He stressed that ”Energy security starts with the fulfillment of domestic obligations before extending to international obligations,” adding that the full deregulation of the downstream sector implemented by the President Bola Tinubu’s Administration, has begun to yield results as expected.
Lokpobiri described the gathering as a vital turning point in Africa’s pursuit of true energy sovereignty, noting that Nigeria cannot afford to retreat on recent progress in the oil and gas sector.
He urged stakeholders to sustain momentum by attracting necessary capital to expand domestic refining capacity, upgrade critical distribution networks, and create a resilient, competitive regional energy landscape.
The minister further affirmed that the Federal Government remains committed to fostering a conducive environment for global and regional investors.
Shifting Focus from Strategy to Execution
Speaking at the opening of the conference, Authority Chief Executive (ACE) of the NMDPRA, Mallam Rabiu Umar, stressed that while the inaugural 2025 gathering focused on establishing foundations, the 2026 priority centers firmly on execution.
Umar outlined key operational mandates required to position West Africa as a liquid, credible petroleum trading hub, which include regulatory convergence, infrastructure capital and market transparency.
He said regulators must evolve beyond localized oversight to actively facilitate cross-border energy transactions through shared standards, interoperable market rules, and streamlined trade workflows.
On infrastructure capital, the NMDPRA boss emphasised the need for attracting targeted investment for physical distribution networks, transport systems, and storage infrastructure to enable seamless fuel flows across borders.
He further noted that deepening operational performance and pricing visibility were necessary to establish physical and commercial conditions capable of backing regional benchmarks.
“A reference price is not by itself a trading hub. A conference is not a market. Regulatory cooperation, important as it is, cannot substitute for the physical infrastructure, commercial liquidity, market information and operational excellence on which a credible trading hub must stand,” Umar stated.
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The conference featured extensive panel discussions addressing bankable infrastructure projects, risk mitigation, predictable regulatory frameworks, and harmonizing cross-border trade processes.
Highlighting the long-term objectives of the forum, Executive Director of Economic Regulations and Strategic Planning at NMDPRA, Prof. Zainab Gobir, noted that the true metric of success lies in post-conference execution.
She urged participating institutions to establish designated focal points, clear operational timelines, and coordinated responsibilities to translate conference recommendations into practical achievements.
Concluding the two-day event, Mallam Rabiu Umar reaffirmed the NMDPRA’s commitment to working alongside sub-regional partners to build a transparent and resilient petroleum pricing framework, ensuring West Africa moves closer to energy independence and commercial integration.
Victor Ezeja is a Nigerian journalist skilled in producing insightful news analyses, feature stories, and interviews that simplify complex issues and drive informed public discourse. His work combines rigorous research, balanced reporting, and compelling storytelling to highlight developments shaping industries and society. Victor, who holds a Master's Degree in Mass Communication, specializes in energy, aviation, business, and economic reporting. He can be reached via @VICTOREZEJA on X