Two mega refinery projects in Akwa Ibom and Lagos States midwifed by Nigerian government will soon join the stream of high stakes in the production of petroleum products.
Though the locations of the projects were not mentioned, they are basically to be packaged and undertaken under Private-Public Partnership arrangement.
President Muhammadu Buhari who announced this Friday in his October 1, 2021 independence anniversary speech noted ”Nigeria’s Roadmap on Local Refining is on track with the commissioning of a Modular refinery in Imo State.
”A second is scheduled for commissioning by the end of this year in Edo State and the third one in Bayelsa State by 2022.’’
According to him, ”In addition to the modular projects, we also have the two mega refinery projects coming up in Lagos and Akwa Ibom States.’’
”As these refineries are commissioned, more employment opportunities are created and there would be increased petroleum products available for local consumption which will significantly reduce our reliance on importation.
”In further demonstrating our plan to reduce our dependence on oil and tapping from our enormous gas resources, this administration remains committed to the “Decade of Gas” Initiative, which is aimed at bringing to focus the utilization of our huge gas resources.
”Already, we are supporting and promoting various gas-based projects including NLNG Train 7 and the mega urea and ammonia projects in the South-South region.
President Buhari remarked ”As we continue to optimise and enhance our oil and gas sector, I am also proud and delighted to state that our economic diversification strategy remains on course with the persistent increase in Non-Oil Sector contribution to GDP.
”We recovered from economic recession in quarter four of 2020 with a GDP growth rate of 0.11%, and grew by 0.51% and 5.01% in real terms in the first and second quarters of 2021.
”The Agricultural sector remains key to our economic diversification efforts as the sector has been a consistent driver of the non-oil sector contributing 22.35% and 23.78% to the overall GDP in the first and second quarter of 2021.
”We have seen significant private sector investments in almost all areas of the agricultural value chain. And these have continued even during the COVID-19 pandemic.’’
To lift 100 million Nigerians out of poverty in 10 years is achievable, he announced approval of 1,000,000beneficiaries for N-Power programme.
”Considering the positive impact of our Social Investment Programs, I recently approved an increase in the number of N-Power program beneficiaries from 500,000 to 1,000,000.
”Out of this, 510,000 have started the programme while the competitive selection process for onboarding the outstanding 490,000 beneficiaries is in progress.
”The National Home-Grown School Feeding Programme is currently being implemented in 35 States of the Federation and the FCT. Over 103,000 women have been engaged and empowered as cooks under the programme, while about 10 million pupils are being fed across public primary schools in the country.
”To grant increased access to credit to the most poor and vulnerable, I have directed an increase in the disbursement of Government Enterprise and Empowerment Programme loans to an additional one million beneficiaries laying more emphasis on the smallholding farmers through the farmers Moni programme,” Buhari stated.
