BOI chief says support for modular refineries is key to strengthening Nigeria's economy

The Managing Director, Bank of Industry Limited, Nigeria BOI, Dr. Olasupo Olusi, has committed to partnering with modular refineries as a viable means of solving the country’s economic challenges.

He reiterated the development finance institution’s commitment to continue supporting initiatives that add value to the Nigerian economy.

Dr. Orusi disclosed this along with the Minister of State for Petroleum Resources (Petroleum), Senator Heineken Lokpobiri, Director-General of the Nigeria Content Development Management Board NCDMB, Dr. Eng. Mr Simbi Wabote on Tuesday visited the Walter Smith Refinery facility in Ibigwa, Imo State.

He further disclosed that the BOI has established a partnership with NCDMB and Walter Smith with the aim of promoting local content production and managing inflation and other economic issues in the country.

According to him, “One of our strategic visions for localization of production is to control our own energy sources and nothing is more important to Nigeria at the moment.

“For this reason, we are already partnering with NCDMB and Waltersmith. We are in the very advanced stages of a financing agreement to support the growth and development of modular refineries in general and Waltersmith in particular. We are currently having discussions.”

“We are very open and committed to supporting modular refineries, because the more we can support modular refineries, the better we can manage inflation and, of course, lower the minimum wage. This is because the physical pressure of all the noise surrounding it may be alleviated.

“For us, therefore, our involvement in this very important sector of the economy is strategic,” added the BOI CEO.

In his speech, the Minister also advocated for more active modular refineries in the country, stressing that they will help solve energy, oil and gas problems.

Senator Lokpobiri said the federal government stands ready to support operational modular refineries with funding and other necessary support to facilitate maximum protection.

He said: “My duty as Minister of Petroleum Resources is essentially to ensure that there is sufficient supply of refined petroleum products for the consumption of Nigerians.

“The quickest way to solve our energy problems is to invest in and support modular refineries. And as a government, we will do everything we can to support them.

“The biggest challenge for modular refineries is access to feedstock and finance. And we are working on this issue.

“I have also said that it is not enough to just give licenses and funding to people who own modular refineries, we need to identify and support only those with a track record of success.”

Earlier, Waltersmith Group of Companies Chairman and Co-founder Abdulrazaq Isa said that Waltersmith’s goal is to industrialize the South East and the country as a whole.

He said, “What we are doing is helping to reduce energy poverty in Nigeria. Because if we can provide businesses with access to energy, it will add value to the process and provide jobs to Nigerians.” That’s our vision at Walter Smith.”

“Our refining capacity target is to produce approximately 2 million tonnes of product annually. That is where we are aiming to be and ultimately develop distribution channels to distribute our products within South East Nigeria. ” he added.


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