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Federal Government Pledges Support for Waltersmith Refinery Expansion to Boost Local Refining

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NAIJA NEWS: Federal Government Pledges Support for Waltersmith Refinery Expansion to Boost Local Refining [New Naija News] » Naijacrawl
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The Federal Government has reaffirmed its commitment to supporting the expansion plans of Waltersmith Refinery, marking a significant step toward enhancing local refining of petroleum products in Nigeria.



During an official visit to the refinery in Ibigwe, Imo State, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, expressed his endorsement of the refinery's role in aligning with his objective of increasing Nigeria's refining capacity and fostering economic growth.

Lokpobiri emphasized the importance of modular refineries as a key solution to the country's challenge of low in-country refining capacity. He pledged his full support to Waltersmith's expansion plans, recognizing the critical role they play in addressing the nation's energy needs.

The Executive Secretary of the National Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote, echoed the commitment of the Board to supporting projects aligned with the Nigerian Content Act. He praised the NCDMB's investment in Waltersmith Modular Refinery as one of its most successful decisions, emphasizing the importance of fostering local capacity development and value retention within the country.

Abdulrazaq Isa, the chairman of Waltersmith Group, stressed the need for collaborative efforts between private and government entities to advance the nation's energy sector. He outlined the refinery's ambitious plans to increase its crude oil processing capacity from 5,000 to 10,000 barrels per day (bpd) and ultimately reach 40,000 bpd. Isa highlighted ongoing engagements with key stakeholders, including the national oil company, Nigerian National Petroleum Company Ltd (NNPC Ltd), to secure sufficient feedstock for the refinery's expansion.

Olasupo Olusi, the Managing Director/Chief Executive Officer of the Bank of Industry (BOI), affirmed the bank's openness and commitment to supporting Waltersmith Refinery's expansion plans. This collaborative approach between the government, regulatory bodies, and financial institutions underscores the collective effort to drive growth in Nigeria's energy sector.

As Waltersmith Refinery aims for significant capacity expansion, the support from various stakeholders signals a positive trajectory for the local refining industry. Stay tuned for further updates on this crucial development in Nigeria's energy landscape.

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Piroll
 

Piroll is a creative writer, social-political commentator, socio-researcher, and sports analyst. He holds certificates in media management and data journalism from the Thomas Foundation Institute of Journalism. He works as a... Read More

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