Tinubu Reveals Why Africa Must Harness $120bn Hydrocarbon Resources

President Bola Tinubu yesterday declared that Africa’s $120 billion worth of hydrocarbon resources must be made to benefit the continent and its people.

He spoke at the 19th edition of the OTL Africa Energy Week in Lagos, maintaining that limited refinery capacity and distribution network in Africa have led to exports of larger chunk of oil and gas expenditure to countries outside Africa’

He advocated for a change of status quo through fixing of refinery capacity and distribution network challenges.

Represented by the minister of state for Petroleum Resources (oil), Heineken Lokpobiri, Tinubu declared that Nigeria would keep striving to retain the greater portion of its oil exports, “and this is why we encourage investments that will make Nigeria a refinery hub.”

He said: “Africa has a proven $120 billion worth hydrocarbon resources. We, however, have limited refinery capacity and distribution network, and based on this, a larger chunk of this money is exported to countries outside Africa.

“We want to retain the greater portion of that, and this is why we encourage investments that will make Nigeria a refining hub.

“We want the focus of this conference and of all conferences to tilt towards a changed narrative. Let the narrative change.

“According to statistics, $700bn should be spent if the world is to avoid an energy crisis by 2050. The hues on energy transition are not in the best interest of Africa. It is not in the best interest of Nigeria. Where are we transitioning to?”