MEMAN + S&P GLOBAL TO WEST AFRICA: STOCK THE TANK, BUILD THE REFINERY, OR PAY THE PRICE
GREATRIBUNETVNEWS–POST-IRAN conflict warning: Strategic reserves + local refining are now survival tools, not options
Key Issues:
1. Strategic Reserves, Refining Capacity, and Alternatives Urged as Shields Against Market Shocks
_”The Major Energies Marketers Association of Nigeria (MEMAN), in partnership with S&P Global Energy, has called on West African countries to strengthen domestic refining capacity, build strategic petroleum reserves, and expand alternative energy sources to protect their economies from future global oil market disruptions.”
2. Iran Conflict Aftermath Sparks High-Level Regional Energy Security Summit
_”The call was made during a high-level webinar titled, “The Iran War Aftermath: Reading the Tea Leaves — Mitigating Future Oil Market Shocks in West Africa,” which brought together industry experts, market analysts, regulators, and other stakeholders to examine the impact of geopolitical tensions on global energy markets and their implications for the West African region.”
The webinar focused on supply security, pricing volatility, and long-term energy resilience, particularly in the wake of recent geopolitical disruptions that have heightened concerns over the stability of global energy supply chains.
Presenters at the session stressed that West African nations must adopt proactive measures to safeguard their energy systems against external shocks. They identified three key strategic priorities, namely the expansion of domestic refining capacity, development of strategic petroleum stockpiles, and deeper investment in alternative energy sources, including increased utilisation of natural gas resources.
According to the experts, strengthening local refining infrastructure would reduce dependence on imported refined petroleum products and improve regional self-sufficiency, while strategic reserves would provide critical buffers during periods of global supply disruptions and market instability.
The webinar also highlighted the growing importance of alternative energy solutions in enhancing energy security. Speakers advocated accelerated investment in cleaner energy technologies while leveraging locally available resources such as natural gas and biofuels to improve affordability, access, and long-term resilience.
A major presentation during the session pointed to what it described as a reset in global energy priorities, where energy security, affordability, and sustainability are increasingly competing for attention in policymaking and investment decisions.
Participants noted that for Africa, the energy transition must remain a “just transition”, recognising the continued relevance of fossil fuels in meeting immediate development and energy access needs while simultaneously advancing cleaner and more diversified energy systems.
The experts further observed that recent geopolitical developments have reinforced the view that energy security should no longer be seen solely as an economic issue but also as a matter of national security.
They argued that countries with stronger refining systems, adequate reserve stocks, and diversified energy supply sources are better positioned to absorb external shocks and shield consumers from sudden price spikes and supply shortages.
Discussions also covered global market pricing trends, vulnerabilities within international energy supply chains, and the importance of regional cooperation in ensuring market stability across West Africa.
Participants agreed that stronger policy coordination among governments, improved energy infrastructure, and sustained investment in diversified energy solutions would be crucial to achieving long-term energy security and market stability in the region.
MEMAN reaffirmed its commitment to promoting transparent market development, supporting constructive policy dialogue, and advancing practical initiatives aimed at strengthening Nigeria’s energy sector and enhancing West Africa’s overall energy resilience.
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