BOI confirms support for modular refineries and local economies

Bank of Industry Limited (BoI) Managing Director, Dr. Olasupo Orsi, has pledged to partner with modular refineries to solve economic challenges in the country.

He reiterated his commitment to the development of financial institutions that continue to support initiatives that add value to the economy.

Mr. Olusi disclosed this during a visit to the Walter Smith Refinery facility together with the Minister of State for Petroleum Resources (Petroleum), Mr. Heineken Lokpobiri and the Director-General of the Nigeria Content Development and Management Board (NCDMB), Mr. Simbi Wabote. . Tuesday, Ibigwa, Imo State.

He disclosed that the central bank had established a partnership with NCDMB and Walter Smith with the aim of boosting local production to curb the rate of inflation and stem other economic challenges.

He said: “One of our strategic visions for localization of production is to control our 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 that will support the growth and development of modular refineries in general and Waltersmith in particular. We are having discussions.

“We are very open and committed to supporting modular refineries. The more we can support modular refineries, the better we can manage inflation and, of course, everything around minimum wage. The physical pressure of noise may also be reduced.

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

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.

Lokpovili said the federal government is ready to support operational modular refineries with funds and other necessary support to facilitate maximum production.

“My duty as Minister of Petroleum Resources is to ensure adequate 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,” he said.

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


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