Industry experts, market analysts and stakeholders have listed the strategic steps that would drive Nigeria and other West African countries into energy security against any reoccurrence of crisis in the global oil market.

The experts spoke at a webinar organised by the Major Energies Marketers Association of Nigeria (MEMAN), in partnership with S&P Global Energy, Thursday and titled “The Iran War Aftermath: Reading the Tea Leaves — Mitigating Future Oil Market Shocks in West Africa.”

MEMAN, in a communique by its Executive Secretary, Clement Isong after the webinar quoted the speakers as stressing the need for West African countries to strengthen their energy systems against future disruptions by prioritising three major strategic actions like: building domestic refining capacity, developing strategic stock, and deepening and expanding alternative energy options, including greater utilisation of gas resources.

The speakers include the Africa Head of Fuels and Refining, S&P Global Energy, Stanislas Drochon; Senior Leaders, Nigerian Downstream Industry, Olumide Adeosun and Senior Price Reporter, EMEA Gasoline and West African Refined Products, S&P Global Energy, Mathew Thracey-Cook.

A key presentation referenced a reset in global energy priorities, where energy security, affordability, and sustainability are increasingly being weighed against one another.

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, the 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.

The three major policy directions highlighted experts were: Expanding local refining capability to reduce dependence on imported refined products and strengthen regional self-sufficiency.

They also harp on establishing and maintaining strategic reserves to provide a buffer against global supply disruptions and short-term market shocks.

Noting that deepening and expanding alternative Energies is also considered important. This, according to the experts, involves accelerating investment in cleaner and alternative energy sources, while 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 AfricaIndustry participants agreed that stronger policy coordination, improved infrastructure, and diversified energy investments will be 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.