Industry experts, market analysts, and stakeholders have outlined strategic steps to drive Nigeria and other West African countries toward energy security, aiming to prevent future crises in the global oil market. The insights were shared during a webinar organized by the Major Energies Marketers Association of Nigeria (MEMAN) in partnership with S&P Global Energy, held on Thursday and titled “The Iran War Aftermath: Reading the Tea Leaves — Mitigating Future Oil Market Shocks in West Africa.”
Key Strategic Actions
In a communique issued by MEMAN’s Executive Secretary, Clement Isong, the speakers emphasized the need for West African countries to strengthen their energy systems against future disruptions. They prioritized three major strategic actions: building domestic refining capacity, developing strategic stock, and deepening and expanding alternative energy options, including greater utilization of gas resources.
The speakers included Stanislas Drochon, Africa Head of Fuels and Refining at S&P Global Energy; Olumide Adeosun, a senior leader in the Nigerian downstream industry; and Mathew Thracey-Cook, Senior Price Reporter for EMEA Gasoline and West African Refined Products at S&P Global Energy.
Global Energy Reset
A key presentation highlighted a reset in global energy priorities, where energy security, affordability, and sustainability are increasingly weighed against each other. The discussion emphasized that, in Africa, the energy transition must remain a just transition—one that recognizes the continued relevance of fossil fuels in the short to medium term while accelerating the deployment of cleaner and more diversified energy solutions.
According to the communique, recent geopolitical disruptions served as a reminder that energy security is not only an economic concern but also a national security imperative. Speakers noted that countries with stronger refining systems, adequate reserve stock, and diversified supply sources are better positioned to withstand external shocks and protect consumers from sudden market volatility.
Three Major Policy Directions
The experts highlighted three major policy directions:
- Expanding local refining capability: To reduce dependence on imported refined products and strengthen regional self-sufficiency.
- Establishing and maintaining strategic reserves: To provide a buffer against global supply disruptions and short-term market shocks.
- Deepening and expanding alternative energies: Involving accelerated investment in cleaner and alternative energy sources, prioritizing locally sourced options such as gas and biofuels to improve energy access, affordability, and resilience.
The webinar also examined market pricing trends, supply chain vulnerabilities, and the role of regional collaboration in stabilizing energy markets across West Africa. Industry participants agreed that stronger policy coordination, improved infrastructure, and diversified energy investments are essential to building long-term market stability.
MEMAN reaffirmed its commitment to advancing transparent market development, supporting policy dialogue, and promoting practical solutions that strengthen Nigeria’s and West Africa’s energy future.
