Friday, May 9, 2025
The Lagos Today
  • Login
  • Home
  • Tech
    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

    Kenya Takes Action Against TikTok Following Child Exploitation Exposé

    Kenya Takes Action Against TikTok Following Child Exploitation Exposé

  • Startups⚡ by CRAWL
    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    Kenyan Tourism Venture Studio Purple Elephant Ventures Increases Seed Round to $5 Million

    Kenyan Tourism Venture Studio Purple Elephant Ventures Increases Seed Round to $5 Million

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    GIIG Partners with SparkRockets to Launch AI-Powered Startup Validation Tool

    GIIG Partners with SparkRockets to Launch AI-Powered Startup Validation Tool

    Tanzania’s Kilimo BaNDO Revolutionizes Agriculture for Smallholder Farmers

    Tanzania’s Kilimo BaNDO Revolutionizes Agriculture for Smallholder Farmers

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

  • Opinion
  • Business
  • Biotech
  • Industry
    iPhone 16 Sales Surge 20% in China, Signaling a Strong Comeback

    iPhone 16 Sales Surge 20% in China, Signaling a Strong Comeback

    Grid Africa Secures $2.8 Million for Renewable Energy Initiatives in South Africa

    Grid Africa Secures $2.8 Million for Renewable Energy Initiatives in South Africa

    Millennials and Gen Z Show Shorter Tenures Despite Clear Career Paths, New Report Shows

    Millennials and Gen Z Show Shorter Tenures Despite Clear Career Paths, New Report Shows

    Kenya’s Octavia Secures $3.9M Seed Funding to Tackle Carbon Emissions

    Kenya’s Octavia Secures $3.9M Seed Funding to Tackle Carbon Emissions

  • Features & Interviews
  • Entertainment
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Pick n Pay Set to List Boxer Business in Africa’s Largest IPO of 2024

    Pick n Pay Set to List Boxer Business in Africa’s Largest IPO of 2024

    One Direction Star Liam Payne Dies after Hotel Balcony Fall

    One Direction Star Liam Payne Dies after Hotel Balcony Fall

    It’s important to set boundaries in entertainment industry – Reminisce

    It’s important to set boundaries in entertainment industry – Reminisce

    AFCON 2023: Super Eagles Ready to Face Lions of Cameroon on Saturday – Peseiro

    Flying Eagles moves to Ikenne for camping in prep for 2024 WAFU B U20 Championship in Togo

    EGUAVOEN APPOINTED NIGERIA FOOTBALL FEDERATION TECHNICAL DIRECTOR

    Eguavoen gives conditions for turning Super Eagles interim job to full time role

    Jagun Jagun secures 7 nominations at 2024 AMAA

    Jagun Jagun secures 7 nominations at 2024 AMAA

    Atiku Faults 2020 Budget Review, Urges FG to Prioritize Welfare of Citizens

    Atiku proposes single term of 6-years rotational Presidency

    Oba Elegushi donates 3 standard tennis courts to LASU, reveal reasons behind donation

    Oba Elegushi donates 3 standard tennis courts to LASU, reveal reasons behind donation

    Covid-19: Cinema Operators Decry N22Bn Losses

    FG grants licensing waiver for community cinemas investors – NFVCB

  • Reviews
No Result
View All Result
  • Home
  • Tech
    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

    Kenya Takes Action Against TikTok Following Child Exploitation Exposé

    Kenya Takes Action Against TikTok Following Child Exploitation Exposé

  • Startups⚡ by CRAWL
    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    Kenyan Tourism Venture Studio Purple Elephant Ventures Increases Seed Round to $5 Million

    Kenyan Tourism Venture Studio Purple Elephant Ventures Increases Seed Round to $5 Million

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    GIIG Partners with SparkRockets to Launch AI-Powered Startup Validation Tool

    GIIG Partners with SparkRockets to Launch AI-Powered Startup Validation Tool

    Tanzania’s Kilimo BaNDO Revolutionizes Agriculture for Smallholder Farmers

    Tanzania’s Kilimo BaNDO Revolutionizes Agriculture for Smallholder Farmers

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

  • Opinion
  • Business
  • Biotech
  • Industry
    iPhone 16 Sales Surge 20% in China, Signaling a Strong Comeback

    iPhone 16 Sales Surge 20% in China, Signaling a Strong Comeback

    Grid Africa Secures $2.8 Million for Renewable Energy Initiatives in South Africa

    Grid Africa Secures $2.8 Million for Renewable Energy Initiatives in South Africa

    Millennials and Gen Z Show Shorter Tenures Despite Clear Career Paths, New Report Shows

    Millennials and Gen Z Show Shorter Tenures Despite Clear Career Paths, New Report Shows

    Kenya’s Octavia Secures $3.9M Seed Funding to Tackle Carbon Emissions

    Kenya’s Octavia Secures $3.9M Seed Funding to Tackle Carbon Emissions

  • Features & Interviews
  • Entertainment
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Pick n Pay Set to List Boxer Business in Africa’s Largest IPO of 2024

    Pick n Pay Set to List Boxer Business in Africa’s Largest IPO of 2024

    One Direction Star Liam Payne Dies after Hotel Balcony Fall

    One Direction Star Liam Payne Dies after Hotel Balcony Fall

    It’s important to set boundaries in entertainment industry – Reminisce

    It’s important to set boundaries in entertainment industry – Reminisce

    AFCON 2023: Super Eagles Ready to Face Lions of Cameroon on Saturday – Peseiro

    Flying Eagles moves to Ikenne for camping in prep for 2024 WAFU B U20 Championship in Togo

    EGUAVOEN APPOINTED NIGERIA FOOTBALL FEDERATION TECHNICAL DIRECTOR

    Eguavoen gives conditions for turning Super Eagles interim job to full time role

    Jagun Jagun secures 7 nominations at 2024 AMAA

    Jagun Jagun secures 7 nominations at 2024 AMAA

    Atiku Faults 2020 Budget Review, Urges FG to Prioritize Welfare of Citizens

    Atiku proposes single term of 6-years rotational Presidency

    Oba Elegushi donates 3 standard tennis courts to LASU, reveal reasons behind donation

    Oba Elegushi donates 3 standard tennis courts to LASU, reveal reasons behind donation

    Covid-19: Cinema Operators Decry N22Bn Losses

    FG grants licensing waiver for community cinemas investors – NFVCB

  • Reviews
No Result
View All Result
The Lagos Today
No Result
View All Result
Home Business

FG to Invest $289bn in Local Refining for Five Years

by Eucharia Egwuma
May 25, 2022
in Business
Reading Time: 6 mins read
0
0
FG To Swap 300,000 Crude Oil Barrels For Fuel Daily Till 2021
Share on FacebookShare on Twitter

The Federal Government plans to invest $289 billion in local refining of over 2.555 billion barrels of crude oil in the next five years.

This amount translates to investing over N120trn in refining crude oil within the country for five years.

This was made known by the Executive Secretary of the Nigerian Content Development Monitoring Board, Simbi Wabote during an interview with PUNCH at the Nigerian Content Midstream-Downstream Oil and Gas Summit 2022, organised by the board in Lagos.

According to him, a combined refining capacity of more than 1.4million barrels per day is expected from the rehabilitation of the existing four national refineries, co-location of new refineries, construction of greenfield refineries, and construction of modular refineries as part of the Ministry of Petroleum Resources’ refining roadmap in the next five years.

The refining of 1.4million barrels per day is approximately 2.555billion barrels in five years.

The Brent at 5:19pm Nigerian time on Monday was sold at $113.11 in the international market.

If exported, the 2.555billion barrels of crude oil could fetch the country about $289bn or N120trn in five years.

“The Ministry of Petroleum Resources under the leadership of President Muhammadu Buhari has rolled out the Refining Roadmap with emphasis on rehabilitation of the existing four national refineries, co-location of new refineries, construction of greenfield refineries and construction of modular refineries. From all of these, the government expects more than 1.4million barrels per day within the next five years,” he said.

According to Wabote, about 400,000bpd is expected from the rehabilitation of the NNPC refineries in Port Harcourt, Warri, and Kaduna, using a target performance of not less than 90 per cent of nameplate capacity.

The greenfield element of the roadmap covers the mechanically complete 650,000bpd Dangote Refinery in Lagos, and the 200,000bpd BUA Refinery in Akwa Ibom State.

In the aspect of modular refineries, he said the NCDMB is serving as a catalyst to enhance the realisation of the refining roadmap.

“Our partnership with Waltersmith resulted in the delivery of the 5,000barrels per day modular refinery in Imo State currently in operations,” he said.

Next in view, he said, is the 2,500 barrels per day Duport Modular Refinery located in Edo State due for inauguration this year.

Others under construction are the 2,000 barrels per day Atlantic Refinery and the 12,000 barrels/day Azikel Hydro-skimming Refinery both in Bayelsa State.

The NCDMB boss said the board, in partnership with the NNPC, is set to construct a 50,000 liters petroleum products terminal in Brass Island to support the storage and distribution of white products in the coastal states of the country.

Apart from the modular refineries, he said the board was also in partnership with Bunorr Integrated Energy Limited for the establishment of 48,000 litres/day Base Oil Production Facility (via recycling of used engine oil) in Port Harcourt, Rivers State, adding that clean diesel was also one of the by-products of the processing plant which due for inauguration before year-end.

He said construction activities were ongoing at the Eraskon Lube Oil factory in Gbarain, Bayelsa State sequel to the board’s partnership for the establishment of a 64,000liters/day lubricating oils blending plant.

“Factory acceptance test is ongoing for the major equipment prior to site installation. The Eraskon brand of engine oil, gear oil, hydraulic fluids, and other grades of lubricants is set to address the lubricants needs in the catchment states of Bayelsa, Rivers, Imo, Delta, and beyond ‘’, he said.

However, a communication consultant in The Adjunct Faculty of the School of Media and Communications, Pan Atlantic University, Lagos, Chido Nwakama, faulted the feasibility of the target.

According to him, the Federal Government should not include the moribund four refineries in the target.

“The target does not make sense at all. Those refineries do not work and produce anything; rather, we are supposedly spending billions to keep them open. So they are playing on our intelligence whenever they throw out these figures, and I wonder where they get the guts to lie to us so openly. They insult our intelligence by telling us that refineries that are not working have possible production capacity.”

According to him, the four refineries have no capacity of any kind, and Nigeria should rather build new ones.

“They should shut them down so that we know they do not exist, and then use the money they are supposedly budgeting for their maintenance to build new ones. It takes just two years to build one refinery- that is what other countries use to build new ones. It is annoying and not realistic because it doesn’t even exist. We have done about 15 years of reeling out figures out of nothing. Those figures have no bearing on the facts on ground. The fact on the ground is that those refineries are not working or producing products. Even Dangote refinery was supposed to have started in 2016. We are now in 2022, and they are saying 2023, or 2024. So whenever you hear those figures, you should know that they don’t make sense at all,” he said.

On his part, a petroleum engineer and Technical Director-Drill Bits, Bala Zaka, also said such projections could only be possible if the government had both economic and political will to implement the plan.

He said, “I don’t think such projection is possible because even the Port Harcourt refinery the government is currently planning to fix will produce about 60 000 barrels per day. The capacity of the four refineries is 450, 000 barrels per day. It is not possible unless there is a strong economic and political will, and I’m saying this because we can practically analyse the current detail and project it into the next five years to see whether there is going to be any feasibility at all.

“We can start by practically looking at things like this- the capacity of the four moribund refineries if operating at 100 capacities will be a total of 450, 000 barrels. Is it possible for those refineries to become active and refine 450, 000 barrels of crude oil per day in the next five years? The answer is no. Yes, Dangote refinery is supposed to be about 600, 000 barrels. Added to the 450, 000 barrels from the four refineries makes it 1.05mn barrels.

“For Dangote refinery, I can say yes it is possible because it’s a new refinery. But I don’t see the four refineries bouncing back and working at 100 per cent capacity in the next five years considering the level of decay. Then the differential figures of 350, 000 barrels on other modular refineries could be possible if we know how many modular refineries are active today, and what are their refining capacities?

He added, “As of today, there is no modular refinery refining up to 50, 000 barrels. But even if you have modular refineries refining 50, 000 barrels, that means if we refine 350, 000 barrels, you would need about seven of those refineries. By my analyses, you may never get such a number of refineries in the next five years.”

Zaka also cited hostility in the Niger Delta and the coming 2023 elections as key reasons such projections may not be impossible.

“Another key thing that will play a role is the outcome of the political activities going on. Next year, Nigeria will have a new set of leaders. What will be the focus of those leaders on the internal domestication of our raw materials? What will be their opinion about the current PIA that we say have some poisonous clauses, especially the area that predicated our deregulation on imports? If you remove that poisonous clause and base our deregulation on internal refining, then, there’s a likelihood of harnessing stakeholders to make sure that we refine locally,” he said.

Share this:

  • Facebook
  • X

Like this:

Like Loading...
Tags: Federal Government of NigeriainvestmentLocal refining
Previous Post

Police raid leaves at least 22 dead in Rio de Janeiro

Next Post

FG Targets 90% Capacity Performance from Rehabilitated Refineries

Eucharia Egwuma

Eucharia Egwuma

Related Posts

Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

by Iyanu Ale
May 2, 2025
0

Ghanaian energy tech startup Kofa has successfully raised $8.1 million in a pre-Series A funding round to scale its AI-powered...

South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

by Iyanu Ale
April 28, 2025
0

South African startup CureRoot is pioneering a new frontier in pharmaceutical innovation by harnessing artificial intelligence (AI) to discover novel...

Next Post
FG Targets Tax Waivers for Modular Refineries, LPG Plants to Boost Employment

FG Targets 90% Capacity Performance from Rehabilitated Refineries

Please login to join discussion

Recommended

LAWMA to Distribute Waste Bags, Bins to Tenants across Lagos 

Lagos Launches ‘Adopt a Street’ Initiative to Boost Environmental Cleanliness

9 months ago
LASG Says Asymptomatic Residents Must Pay For Covid-19 Test

Covid-19: Lagos records 845 new cases, no death

3 years ago

Popular News

    Connect with us

    Tags

    #EndSARS 2023 Elections 2023 polls 2023 Presidency ACCIDENT Africa All progressives Congress APC Asiwaju Bola Tinubu Babajide Sanwo-Olu CBN Central Bank of NIgeria Central Bank of Nigeria (CBN) Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Economic and Financial Crimes Commission EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu House of Representatives Lagos-Ibadan expressway Lagos state Lagos State Government Lagos State House of Assembly Lagos State Police command Muhammadu Buhari Murder Naira NDLEA Nigeria Nigeria Customs Service Nigerian Economy Nigeria Police Force Rape Strike action TECH UK United Kingdom US

    News

    • Industries
    • National
    • Startups
    • Biotechnology

    Opinion

    • Editorials
    • Today’s Opinion
    • Letters
    • Sunday Review
    • Advertise
    • Opinion
    • Features & Interviews
    • Investigation
    • Contact

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Tech
    • Business
    • Biotech
    • Startups
    • Entertainment
    • Feature & Interviews
    • Reviews
    • Opinion

    © 2020 The Lagos Today - Nkali.

    %d