West Africa could build a $3tn cumulative energy market by 2035 if its 16 countries move from operating as separate national markets to a connected regional system, the Chairman of Rosehill Group Limited Advisory Limited, Suleiman Yahyah, has said.
Yahyah said the region could accelerate the development of its energy market by building interconnected systems rather than pursuing isolated projects, with common product specifications, shared data standards, regional infrastructure and a unified dispute resolution mechanism.
He made the proposal on Wednesday at the second West Africa Refined Fuel Market Conference in Abuja, where regulators, refiners, traders, financiers and other energy stakeholders are meeting to develop a transparent regional pricing system for refined petroleum products.
The conference was jointly hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, S&P Global Commodity Insights and the West Africa Regulators Forum.
The two-day event was themed, “Funding West Africa Infrastructure & Distribution to Create a Transparent Market for Regional Price Benchmarks.”
