S&P Global Energy Opens New Abuja Office, Hosts Nigerian Oil and Gas Leaders

S&P Global Energy has officially expanded its presence in Nigeria with the opening of a new office in Abuja, a move that industry leaders say reinforces the country’s growing position as the commercial and regulatory hub of West Africa’s energy market. The inauguration brought together senior government officials, regulators and executives from across Nigeria’s oil and gas industry to discuss the future of regional energy pricing, refining and investment.

The new office, located at the World Trade Center Abuja, is expected to strengthen S&P Global’s engagement with policymakers, energy companies and market participants while expanding its coverage of West Africa’s rapidly changing crude, refined products, gas and mining sectors. The company said the Abuja expansion reflects its long-term commitment to supporting Africa’s energy transition through trusted data, price benchmarks and market intelligence.

Among the dignitaries attending the launch were Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive Oritsemeyiwa Eyesan, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Chief Executive Rabiu Umar, and senior executives of S&P Global Energy led by Malick Diallo, Executive Vice President for Commercial across EMEA, LATAM and India.

Speaking at the ceremony, Lokpobiri described S&P Global as a strategic partner in Nigeria’s energy transformation, saying the federal government intends to deepen collaboration with the global energy intelligence firm as the country repositions its petroleum industry.

“S&P Global is very strategic to our energy sector. We have an existing relationship, and we are committed to ensuring that Nigeria does not take that relationship for granted,” the minister said.

He added that Abuja was a natural location for the company’s regional operations because it houses key institutions including the Ministry of Petroleum Resources, NNPCL and Nigeria’s energy regulators, allowing closer engagement with policy and investment decision-makers.

Nigeria as West Africa’s emerging pricing hub

A major theme of the event was the changing structure of West Africa’s petroleum products market following the emergence of the Dangote Refinery. S&P Global executives argued that Nigeria now has the potential to evolve from being primarily a price taker to becoming a regional pricing hub for refined petroleum products.

Joel Hanley, Executive Director for Strategy and Benchmarks at S&P Global Energy, said decades of relying on European benchmark prices no longer accurately reflect the realities of trading in West Africa.

According to him, growing regional refining capacity and increased local supply create a strong case for developing price assessments centred on markets such as Lekki, Lagos and Lomé, giving traders and investors benchmarks that better represent regional demand and supply dynamics.

The company has already expanded its regional benchmark offerings, including spot price assessments for waterborne refined petroleum products traded across the Gulf of Guinea, a move aimed at improving transparency and efficiency in West African fuel markets.

A broader commitment to Nigeria

S&P Global’s relationship with Nigeria stretches back more than four decades. Through its Platts price reporting business, the company launched its first West African crude assessment, the Forcados benchmark, in 1984 and has continued providing market intelligence on Nigeria’s role in global energy markets ever since.

The Abuja office will also support local hiring, training and knowledge transfer, reinforcing the company’s strategy of building on-the-ground expertise rather than serving the region remotely. Executives said proximity to regulators, universities and industry participants will improve collaboration across energy, mining and carbon markets as Africa’s commodity landscape evolves.

The opening comes at a pivotal moment for Nigeria’s energy industry. As refining capacity expands, downstream liberalization continues and regional fuel trade becomes increasingly interconnected, access to credible market data and transparent pricing is becoming as important as physical infrastructure itself. S&P Global’s Abuja presence signals growing international confidence in Nigeria’s ambition to become the analytical, commercial and pricing centre of West Africa’s energy economy.