Nigeria is undergoing economic reform — Buhari

TRACKING____President Muhammadu Buhari has said the refinery resuscitation roadmap developed two years ago has the capacity of helping Nigeria export petroleum products to neighbouring countries and other markets, Daily Times gathered.

Buhari made this statement on Tuesday at the inauguration of the 5,000 barrels-per-day Waltersmith Modular Refinery and the groundbreaking for a 45,000-bpd plant in Imo State.

He applauded Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the construction of the refinery.

He directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide all the necessary support to the refinery with regards to access to crude oil and condensate feedstock.

Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.

“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.”

According to the President, the refinery roadmap includes the rehabilitation of the existing refineries, collocation of new refineries and construction of greenfield plants.

“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.

The Chairman, Waltersmith Group, Mr Abdulrazaq Isa, said the refinery would deliver over 271 million litres of refined petroleum products yearly, including kerosene, diesel, naphtha and heavy fuel oils, to the domestic market.

He said the refinery started operations in November and had already supplied five million litres of petroleum products to the domestic market.