By Precious Mark
The Major Energies Marketers Association of Nigeria (MEMAN), in partnership with S&P Global Energy, has called for expanded domestic refining and a urgent strengthening of West Africa’s energy systems to counter rising global geopolitical tensions and recurring oil market shocks.
The webinar, held on Thursday and titled “The Iran War Aftermath: Reading the Tea Leaves — Mitigating Future Oil Market Shocks in West Africa,” brought together industry experts, regulators, market analysts and stakeholders to assess the impact of global disruptions on regional energy security.
Participants at the webinar warned that energy shocks driven by geopolitical crises continue to expose the vulnerability of West Africa’s fuel supply chain, with ripple effects on pricing stability, availability and long-term energy planning.
They stressed that energy security has become not only an economic concern but also a national security priority, urging governments across the region to adopt stronger safeguards against external supply disruptions.
Key recommendations from the session centred on three strategic priorities; expansion of domestic refining capacity to reduce import dependence, development of strategic petroleum reserves to cushion supply shocks, and accelerated investment in alternative energy sources, particularly gas and biofuels.
According to the discussions, strengthening local refining systems would significantly reduce exposure to global market volatility, while strategic stockpiling would provide an essential buffer during periods of supply disruption.
The webinar further highlighted the need for a “just energy transition” in Africa, noting that while sustainability remains important, fossil fuels will continue to play a critical role in the short to medium term as countries scale up cleaner energy options.
Speakers also noted a growing global shift where energy security, affordability, and sustainability are increasingly competing priorities, requiring more balanced and pragmatic policy responses from developing economies.
Stakeholders at the event agreed that improved regional coordination, stronger infrastructure investment, and diversified energy sources are key to stabilising West Africa’s energy market in the long run.
MEMAN reaffirmed its commitment to promoting transparent market systems, policy dialogue, and practical solutions aimed at strengthening Nigeria’s and West Africa’s energy resilience.
The webinar was supported by NNPC Retail Limited, TotalEnergies, MRS Oil Nigeria Plc, Conoil, Ardova Plc, and 11 Plc.