Nigeria’s quest to refine its white products got a lift yesterday, as President Muhammadu Buhari, inaugurated a 5,000 barrel per day (bpd) refinery, and the groundbreaking for another 45,000 refineries expected to be completed within two years.
Over 2.5 billion litres of petroleum products, and 18, 000 jobs are expected from the plants located in Imo State, and expected to significantly reduce Nigeria’s dependence on imported fuel, and possibly crash pump prices, which have become controversial since the government embraced full deregulation.
The refinery, which was built by an indigenous oil company, Waltersmith Refining & Petrochemical, and Nigerian Local Content Development and Monitoring Board (NCDMB), would provide at least 10 per cent required yearly demand for petroleum products in the country when fully completed.
Source: Guardian.
