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Renaissance Boss Backs Domestic Refining, Against Crude Exports

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It has come to the fore that the continued export of crude oil while refined petroleum products are imported contradicts Nigeria’s local content goals and limits value creation within the country.

This view was shared on Thursday at an online lecture organised by the Nigerian Content Academy of the Nigerian Content Development and Monitoring Board on, ‘Finding Funds For Effective & Efficient Local Content Initiatives – IPPG Perspective’, by the Managing Director/Chief Executive Officer of Renaissance Africa Energy, Tony Attah.

He frowned at the traditional model adopted by international oil companies, noting that crude oil is produced in Nigeria and exported, while the value from refining is created in other countries.

ALSO READ: Channel Oil Windfall to Domestic Refineries – TUC to Tinubu

According to him, the prevailing system reflects the characteristics of an extractive industry, where resources are taken out without building domestic capacity for processing and industrial development.

“But what do we do today with the business model that the IOC has had? They produce and take the crude out. That’s why it’s called an extractive industry. But they take the crude out and create value in their respective countries,” he said.

Attah said the adoption of a similar model by independent oil producers undermines local content policy. Attah explained that the practice of exporting crude for foreign refineries to process is inconsistent with the objectives of Nigerian content development, which seeks to build capacity and encourage in-country value addition.

Attah said there is a transformation as local firms gradually take over the nation’s energy sector. He recalled how Renaissance Africa lowered Shell’s flag to fly its own after the divestment that took place in 2024. He also commended the Dangote refinery, saying the plant has led to the shutdown of various refineries in Europe.

“So, to expect the transformation that I referred to with Nigerian independence taking over, to continue with that model of — ‘produce and take the barrels out for someone else to create value’ — is not consistent with the Nigerian content where we are looking to create capacity and domestication in-country. That is why I feel very proud of Aradel and Waltersmith refineries and, in fact, even more so with the one Dangote has built.

“The Dangote refinery has disrupted the entire world. If you Google it, you will see how many refineries are shut down in Europe just because of one man’s dream, one man’s ambition, which, when you speak to him, he tells you about the belief. But he will tell you that there were several times in the course of pushing that ambition that he doubted himself, but he just had the courage to keep going,” he said.

He noted that local refining offers a more sustainable path for economic growth, as it enables Nigeria to capture greater value from its resources and strengthens domestic industrial capabilities.

Attah also expressed pride in emerging local refining initiatives, which he said demonstrate the benefits of processing crude domestically rather than exporting it in raw form.

Beyond refining, he emphasised the need for a balanced energy mix, stating that while renewable energy is important, it cannot alone meet Africa’s growing energy demand. He noted that global events, including geopolitical conflicts, have exposed the fragility of energy systems and highlighted the continued relevance of fossil fuels in ensuring energy security.

Attah said energy has always been in transition, evolving from manpower to kerosene, crude oil, gas, and now renewables, stressing that Africa must adopt a pragmatic approach that incorporates multiple energy sources.

He warned that Nigeria’s rapidly growing population would significantly increase energy demand, noting that the country’s population is projected to rise from over 200 million to more than 400 million by 2050.

The Renaissance Africa Energy chief also highlighted the gap between Nigeria’s population and power generation, observing that more than 200 million people rely on roughly 5,000 megawatts of electricity. He suggested that distributed energy solutions such as solar panels, batteries and inverters at the household level could help bridge supply gaps over time.

On financing local content initiatives, Attah stressed that investors prioritise governance structure, clarity of business model, and risk management. He explained that financiers typically require equity contributions, strong collateral, and credible project structures before committing funds.

According to him, Africa must also develop its own financing capacity, as reliance on external funding often leaves projects vulnerable during global economic shocks. He pointed to the creation of an African energy financing institution as a step towards addressing funding challenges on the continent.

Attah added that companies seeking investment must demonstrate bankability, cost efficiency, and strong governance to attract capital. He also urged African countries to strengthen intra-continental trade, noting that the continent often does more business with external markets than within itself.

Attah said building domestic refining capacity and strengthening local content initiatives would help Africa retain value, create jobs, and enhance energy security.

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‘Act Now as UN Warns of Escalating Food Crisis in the North’ – Obi to FG

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Former Anambra State Governor and 2027 presidential candidate of the National Democratic Congress (NDC), Peter Obi, has expressed concern over a recent United Nations warning of a worsening food crisis in Northern Nigeria, urging the Federal Government and state governments to take immediate steps to prevent the situation from deteriorating further.

Obi made the call on Saturday in a post shared on his X account, describing the development as disturbing, especially because Northern Nigeria has traditionally been regarded as the country’s food-producing region.

The former governor stressed the need for more effective policy implementation to address the growing humanitarian challenge, urging governments at all levels to make proactive investments in securing agricultural corridors and supporting smallholder farmers with accessible resources to improve food production.

SEE ALSO: No Joy on Children’s Day as Students Languish in Captivity — Peter Obi

He also called on authorities to work closely with the United Nations World Food Programme (WFP) and other development partners to bridge existing funding gaps before the crisis worsens.

According to Obi, the WFP’s latest assessment revealed that more than 17 million people across nine northern states are currently facing crisis-level hunger, while over 35 million Nigerians could be at risk during the ongoing lean season.

He further cited reports indicating that more than 10,000 residents of Borno State have entered what humanitarian agencies describe as “catastrophic hunger conditions.”

“Insecurity, including banditry and insurgency, has prevented many farmers from accessing their farmlands and remains a major obstacle to agricultural production,” Obi said.

The former presidential candidate called for improved security across farming communities and increased investment in rural infrastructure and agricultural productivity to restore food production.

He also urged policymakers to prioritise production-driven economic policies aimed at expanding cultivated land and boosting agro-industrial output.

According to Obi, Nigeria has the resources and agricultural potential to significantly reduce hunger and poverty if the appropriate measures are implemented.

He maintained that a Nigeria free from widespread hunger and mass poverty remains achievable if leaders place the welfare and livelihoods of citizens at the centre of national decision-making.

The statement follows a recent United Nations warning that worsening hunger in Northern Nigeria is being fuelled by insecurity, which continues to prevent farmers from accessing their farmlands and has created conditions that armed groups exploit to recruit vulnerable people.

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Tinubu’s Adviser Masari Bags International Leadership Award, Receives US Congressional Commendation

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President Bola Tinubu’s Special Adviser on Political and Other Matters, Alhaji Ibrahim Kabiru Masari, has received international recognition for his contributions to public service, leadership and good governance after emerging as one of the recipients at the 16th African Business Leadership Awards (ABLA) held in London, United Kingdom.

Masari was honoured for his exemplary leadership, distinguished public service and sustained contributions to governance and sustainable development during the prestigious event organised by the African Leadership Organisation under the auspices of the African Leadership Magazine.

SEE ALSO: ‘Tinubu’s Gov’t is Held Hostage by Fraudsters’ – Atiku Declares

The annual summit attracted African presidents, governors, ministers, policymakers, business executives, development partners and academics to celebrate outstanding leadership while promoting dialogue on Africa’s economic transformation, innovation, investment and sustainable development.

In addition to the ABLA honour, Masari also received a Special Congressional Commendation from the South Carolina House of Representatives in the United States in recognition of his contributions to public service and leadership.

Organisers said the dual honours reflect growing international recognition of Masari’s commitment to good governance, accountability and nation-building.

As Special Adviser to President Tinubu on Political and Other Matters, Masari has been instrumental in providing strategic political counsel, fostering dialogue among stakeholders and supporting initiatives aimed at strengthening national cohesion and Nigeria’s democratic process.

Reacting to the recognition, Engr. Abdullahi Garba Ramat, PhD, described the awards as a fitting tribute to Masari’s years of dedicated service, integrity and commitment to national development.

Ramat said Masari’s leadership style, characterised by humility, accessibility and commitment to public service, has earned him widespread respect across political, ethnic and social divides.

According to him, the presidential adviser has remained steadfast in supporting President Tinubu’s administration through strategic engagement, loyalty and dedication to advancing the government’s policies and programmes.

He also commended Masari for his humanitarian interventions, support for education, youth mentorship and community development, noting that his philanthropic efforts have positively impacted many lives across Nigeria.

“His recognition is not just an award but a validation of a lifetime devoted to integrity, patriotism, compassion and selfless service to humanity,” Ramat said.

Other prominent African leaders honoured at the ceremony included Yobe State Governor Mai Mala Buni, Imo State Governor Hope Uzodimma, Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), Prof. Mojisola Christianah Adeyeye, Governor of the Bank of Sierra Leone Henry Falla Saamoi, and President of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor.

The event was attended by several notable personalities, including former Tanzanian President Jakaya Mrisho Kikwete and the Executive Secretary of the Petroleum Technology Development Fund (PTDF), Prof. Shehu Aliyu, alongside other African leaders and development experts.

Congratulating Masari on the honours, Ramat expressed confidence that the international recognition would further inspire him to continue serving Nigeria with dedication while promoting unity, peace and national development.

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Nigeria’s IEA Membership Tickles Minister

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The International Energy Agency (IEA) has admitted Nigeria as an Association country.

The development, Biztellers reports has been well received by the Nigerian authorities led the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, who described it as a major milestone that will strengthen the country’s role in global energy governance while supporting its drive for universal energy access, industrialisation and sustainable development.

Ekpo’s positive sentiments were expressed in a statement on Thursday by his spokesman, Louis Ibah, who noted that the unanimous decision of the IEA Governing Board to admit Nigeria reflects the country’s increasing strategic importance in the global energy sector.

The minister said Nigeria’s membership would open new opportunities for collaboration with the world’s leading energy body, giving the country greater access to global expertise, research, policy guidance and investment partnerships needed to transform its energy sector.

ALSO READ: Tanzania, Dangote Group Explore Multi-Billion-Dollar Investments in Infrastructure, Energy, Fertiliser

“I am elated by the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country.

“It is an honour for Nigeria to join this leading energy agency. I also encourage other African countries to deepen their engagement with the IEA as we work together to achieve key development goals, including universal energy access and industrialisation”, Ekpo said.

According to him, the partnership will strengthen cooperation in critical areas such as energy security, gas development, investment mobilisation, electricity access and sustainable energy solutions, while supporting Nigeria’s efforts to build a more resilient, competitive and inclusive energy sector.

The minister noted that Nigeria’s admission comes at a critical period when the country is pursuing reforms aimed at expanding domestic gas utilisation, increasing electricity access, attracting investment and driving industrial growth through improved energy infrastructure.

Nigeria is the latest nation to join the IEA’s Association programme, which brings together major energy-producing and energy-consuming countries to promote secure, affordable and sustainable energy systems.

With Nigeria’s admission, the IEA Family now represents more than 80 per cent of global energy demand, a significant increase from the 40 per cent it accounted for when the Association programme was launched in 2015.

Welcoming Nigeria into the organisation, IEA Executive Director, Fatih Birol, described the country’s admission as a significant achievement for both the Agency and the global energy community.

“I am thrilled that Nigeria is joining the IEA. It is Africa’s most populous country and a major international energy player. Nigeria becoming part of the world’s energy authority marks an important advance in global energy governance,” Birol said.

He expressed appreciation to President Bola Ahmed Tinubu and Minister Ekpo for their confidence in the Agency, saying stronger cooperation would help Nigeria improve energy security, accelerate economic growth and expand access to electricity and clean cooking solutions.

Birol added that the partnership would also support broader efforts to build more resilient and sustainable energy systems while addressing key development challenges.

The IEA acknowledged Nigeria’s growing influence in international energy markets, particularly following recent developments in the country’s refining sector.

According to the Agency, increased fuel exports from Nigeria during periods of global market disruption helped improve the resilience of fuel supply across Africa and other international markets.

It also recognised Nigeria as one of the world’s fastest-growing markets for decentralised solar energy, noting the country’s ongoing efforts to expand electricity access and promote clean cooking solutions for millions of households.

The Agency said Nigeria’s admission builds on more than a decade of cooperation that began in 2014 and will deepen collaboration in strategic areas, including energy security, clean energy transition, methane emissions reduction, electricity access and wider energy sector development.

Reaffirming Nigeria’s commitment to international cooperation, Ekpo said the country’s admission into the IEA underscores its growing relevance in shaping global energy policy and reflects its determination to work with development partners to strengthen energy security, expand access to affordable energy and build a sustainable future.

He expressed optimism that the new partnership would accelerate Nigeria’s energy transformation agenda while creating fresh opportunities for investment, innovation and inclusive economic growth.

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