President Bola Ahmed Tinubu has called on African nations to take control of the pricing and trade of their natural resources, stating that the continent must no longer remain a “price taker.”
The president made this declaration in a statement posted via his verified X (formerly Twitter) account on Tuesday.
The remarks come as Nigeria prepares to host the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja.
The event is organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in partnership with S&P Global Insights, drawing participants from across the continent and the international energy community.
“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,” President Tinubu wrote.
He emphasized the need for the continent to create an integrated market that is defined by collaboration, transparency, and regulatory alignment.
According to him, this effort will ensure that African countries not only refine and regulate their energy resources effectively but also gain appropriate value through fair 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 added.
The president described the conference as a strategic platform for creating a transparent, Africa-led reference market for energy commodities. He said this move is essential to economic self-determination and long-term growth for the continent.
“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 conference is expected to address challenges in regional fuel supply, transparency in commodity pricing, and the integration of African energy markets.
It aligns with Nigeria’s broader energy reform agenda and its ambition to become a central hub for refined petroleum products and energy data on the continent.
The post Tinubu calls for Africa-led fuel market ahead of Abuja energy conference appeared first on Vanguard News.
