*NMDPRA: Infrastructure, capital, data critical to price benchmark *Lokpobiri: Deregulation has unlocked investment in Nigeria’s downstream *Eyesan says rising refining capacity, oil output good for market integration *Verheijen: Why refining capacity alone can’t guarantee energy security *S&P advocates more liquidity to make regional benchmarks work Emmanuel Addeh in Abuja West African petroleum regulators Tuesday intensified efforts to establish an integrated regional refined petroleum products market capable of supporting credible pricing benchmarks and positioning the sub-region as a major fuel trading hub. The push formed the central focus of the 2026 West African Refined Fuel Market (WAFRFM) Conference, organised by the West Africa Regulators Forum (WARF), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Energy. The conference, held under the theme: “Funding West Africa Infrastructure & Distribution to Create a Transparent Market for Regional Price Benchmarks,” brought together regulators, governments, refiners, traders, financial institutions, infrastructure investors and other industry stakeholders to deliberate on the development of the regional fuel market. The discussions centred on the need to move beyond increased refining capacity to build the infrastructure, financing structures, regulatory systems, data architecture and market liquidity required to enable petroleum products to move efficiently across West Africa and allow prices to increasingly reflect regional market fundamentals. Speaking at the conference, the Authority Chief Executive (ACE) of the NMDPRA, Mallam Umar Rabiu, said the region had made progress since the inaugural conference in 2025, but stressed that institutional developments must now be matched by investment and execution. He said the 2025 conference had established a roadmap towards a West African refined products reference market, with emphasis on reliable refining capacity, stronger logistics and storage networks, interconnected ports, roads, rail and pipelines, harmonised standards, transparent market data and cross-border cooperation. According to him, developments over the past year included the institutionalisation of regional regulatory cooperation through WARF, progress towards West African reference pricing and deeper collaboration with S&P Global Commodity Insights on market reporting and benchmark expertise. However, Rabiu, who is the current chairman of WARF warned that a reference price alone could not create a trading hub. “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,” he said. He identified infrastructure, capital, data and regulatory cooperation as critical foundations for creating a credible regional benchmark. Rabiu pointed out that Africa has the resources, demand and increasingly the refining capacity, but needed to efficiently connect production to consumers through refineries, pipelines, storage terminals, jetties, ports, rail networks, roads, marine logistics, strategic reserves and digital trading platforms. “The objective is not infrastructure for infrastructure’s sake. The objective is infrastructure that reduces the cost of moving energy, increases security of supply, improves inventory visibility, expands the number of credible market participants and creates the physical liquidity upon which transparent pricing depends,” he said. Rabiu also urged investors to view the region’s infrastructure deficit as an opportunity, citing potential investments in pipelines, product transportation, storage, marine terminals, refinery expansion, road and rail logistics, gas infrastructure, digital commodity exchanges, product-tracking systems and integrated regional logistics corridors. He noted, however, that capital would only flow into projects that were bankable, with predictable regulation, understood risks and sustainable returns. The NMDPRA chief also stressed the importance of operational efficiency, warning that infrastructure without operational excellence could create expensive bottlenecks. “Our ports must become more efficient. Our terminals must improve turnaround times. Our pipelines and storage systems must operate safely and reliably. Our refineries must pursue sustained utilisation, reliability and competitive yields,” he said. He further called for improved data transparency, noting that credible price discovery required sufficient transactions, willing participants, reliable reporting and confidence that market information reflected
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