Photo caption: Emmanuel Omuojine
The Managing Director of Rainoil Limited, Emmanuel Omuojine, has called for a shift towards modular refineries and market-driven pricing to strengthen energy security and competitiveness in Nigeria and across West Africa.
Omuojine made this call during a high-level energy industry panel discussion, at the Association of Energy Correspondents of Nigeria, NAEC, Energy Conference 2026 held in Lagos with the topic; Market Liberalisation: Performance, Public Value & Commercial Opportunities.
The theme of the conference is “Access to Assets: Empowering Players and Driving Growth.”
Omuojine warned against over-reliance on a single source of fuel supply, describing such a model as fragile despite its apparent convenience.
We don’t want a single supply that is sweet, but fragile. If there is any disruption, whether it is refinery maintenance, geopolitical tension, or logistics constraints, the whole market feels the shock immediately,” he said.
According to Omuojine, the future of refining in the region lies in modular refineries strategically located closer to demand centres. He noted that this approach would improve supply security and make the downstream sector more competitive.
Omuojine also advocated for a market-driven pricing mechanism, arguing that fixing prices is not effective for long-term sustainability.
“Pricing should not be fixed by the government, but should be market-driven. As a producer you want to sell at the best price, as a buyer you want the cheapest. Everyone should have the opportunity to compete,” he stated.
He explained that attempts to compel suppliers or refineries to sell below international market parity to secure domestic supply often backfire, discouraging investment and creating artificial scarcity.
He further argued that even coastal refineries should be made to pay a competitive, market-reflective price to secure domestic supply, rather than being compelled to sell below market rates.
“Telling suppliers to sell at below-market price is not the most effective way to guarantee supply. The market must reward efficiency,” he added.
Other members of the panel include , Chief Tunji Oyebanji ,Former Chairman of MEMAN, Mr. Clement Isong, CEO, Major Energies Marketers Association of Nigeria(MEMAN), Engr. Chichi Emenike, Ag. Managing Director and Gas Asset Manager, Neconde Energy Limited and Engr Emeka Ene, Chairman, Oida Energy Group who moderated the session
