West Africa’s push for a regional refined-fuel benchmark is entering its execution phase as Nigeria’s expanding refining capacity changes regional supply flows. “Refining capacity alone, as big as ours is, does not create energy security,” she said. The same report illustrates why a regional benchmark cannot be built simply around the existence of a large refinery. The bank has also demonstrated the type of financing structure being deployed to address regional infrastructure constraints. But it will not yet have a benchmark market.