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The Federal Government of Nigeria has took it upon itself to call on Nigerians who wishes to invest, to consider investing in the modular refining sector which is been derisked of late.
According to the update from Federal Government (FG), Nigerians who would love to invest in the sector will be given license to refine products legally. An appeal was also made that since the sector has been derisked, those scared of refining should not in any way go into illegal refining by constructing unauthorized refinery.
Over the years, 44 refinery licences has been issued by the FG to private investors of which only few projects are in progress.
As mentioned by the DPR, a total number of thirty-eight (38) proposed modular refineries having a capacity of about 5,000 barrels daily to 30,000 bpd, and six (6) conventional plants with 1.35 million bpd capacity.
In the year 2020 (last year precisely), Waltersmith Refining and Petrochemical Company Limited were able to build the five thousand (5,000) bpd modular refinery, which was inaugurated same last year in Imo State.
As a result of this opened hand stretch by the Government of Nigeria towards interested investors, there shouldn’t be need for illegal refinery, as all Nigerians are welcome to invest in the sector irrespective of tribe (ethnicity), gender, qualification etc.
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