Belgium fears losing 40% petrol export to Nigeria as Tinubu woos investors
Belgium has raised concerns over the potential loss of a significant portion of its petroleum products exports to Nigeria as President Bola Tinubu, yesterday, in Abuja, intensified efforts to attract energy investors and expand domestic refining capacity.
This comes as stakeholders at the eighth Nigeria International Energy Summit (NIES) in Abuja accused the government of developed nations of frustrating oil and gas investment in Nigeria and other African countries, stressing that Africans must look inward, or risk stranded oil and gas reserves.
Tinubu, who was represented by the Minister of State for Finance, Dr Doris Uzoka-Anite, said tax reforms in the oil sector, as well as streamlining of regulatory and executive action, pushed investment into Nigeria and moved oil production to about 1.8 million barrels per day mbpd).
Asking investors to look in the way of oil exploration, critical minerals, hydrogen, power generation, domestic gas utilisation and oil refining, Tinubu said Presidential Executive Order on Oil and Gas Sector Reforms streamlined processes, fast-tracked licensing rounds and encouraged indigenous participation for local content development
Belgian Ambassador to Nigeria, Pieter Leenknegt, acknowledged that Belgium supplies 40 per cent of Nigeria’s European refined oil imports, stressing that as Nigeria’s refining capacity grows, the reliance is expected to decline.
According to him, while the country supports the shift, it is a challenge to its trade relations.
Leenknegt noted that industrialising African economies solely on renewables might not be realistic, adding that “transition fuels like gas remain crucial”.
While stakeholders at the summit accused developed nations of obstructing investments in Nigeria’s energy sector under the guise of climate policies, the ambassador cited Namibia’s green hydrogen project, co-financed by Belgium, Denmark and Germany as an example of Europe’s continued commitment to Africa’s energy development.
At the summit, the Group Chief Executive Officer (GCEO) of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, emphasised Nigeria’s role as Africa’s largest oil and gas producer and its growing influence in the global energy market.
“Oil will remain a critical component of the global energy mix, contributing over 39 per cent of global demand in 2025,” Kyari said.
Nigeria is banking on tax reforms and investment incentives to drive its energy agenda, as Kyari said: “Investors now see Nigeria as a stable fiscal environment that promises long-term profitability.”
He added that gas infrastructure development was crucial for Nigeria’s transition to a trillion-dollar economy, with the NNPCL leading efforts to supply domestic industries and power plants.
Secretary-General of African Petroleum Producers’ Organisation (APPO), Dr Omar Ibrahim, said Africa must prioritise energy security and not rely solely on external funding.
“The African Energy Bank marks a fundamental shift. Governments must protect investments in the energy sector. Developed nations provide subsidies for critical industries, Africa must do the same,” Ibrahim said.
President and Chairman of the Board of Directors of the African Export–Import Bank, Benedict Oramah, stated that the bank had already disbursed nearly $3 billion for Nigerian energy projects and remains committed to financing sustainable investments.
Represented by Senior Manager, Project and Asset-Based Finance at the bank, Ayoola Mubarak, the president said the bank remained committed to structuring bankable deals that align with regulatory frameworks and economic realities to create a sustainable investment model that ensures continued financing for the energy sector
Also speaking at the summit with the theme, ‘Bridging Continents: Connecting Investors Worldwide with Africa’s Energy Potential’, the Secretary General of Organisation of Petroleum Exporting Countries (OPEC), Haitham al-Ghais, said Africa must secure its energy future or risk being left behind in the global energy race.
“For 65 years, OPEC provided stability, ensuring that energy remains affordable and accessible. But today, we are at a crossroads. A misguided narrative discouraging oil and gas investment has hindered Africa’s progress,” he said.
Al-Ghais pointed to the ongoing push by developed nations to phase out fossil fuels, a transition that, while inevitable, must be gradual and inclusive.
Special Adviser to the President on Energy, Olu Verheijen, said Nigeria secured over $1.2 billion in gas sector investments within a year, driven by targeted reforms and a data-driven approach to energy development.
She noted that Nigeria’s focus on improving the commercial viability of its non-associated gas reserves, which is nearly 75 per cent of its remaining reserves, was yielding results.
In 2024 alone, Verheijen explained, over $700 million flowed into the gas sector, boosting portfolio values and returns by about 30 per cent along with another $600 million deal between Total and NNPCL.
“Capital follows what makes financial sense. We designed investor-friendly solutions to ensure Nigeria remains attractive, whether to independent financiers or multinational corporations,” she added.
