Independent Petroleum Marketers Association of Nigeria (IPMAN), the umbrella body of oil marketers in Nigeria, is set to construct two modern refineries in the country, worth $3 billion. The refineries will guarantee a steady flow of oil products needed to satisfy local consumption and offset import gaps seen in periods of product scarcity.
The refineries which will be built in Bayelsa and Kogi states. They will both be set up in partnership with foreign investors and are expected to be ready for operations by the end of the year.
IPMAN President, Mr. Chinedu Okoronkwo confirmed that the association is currently in talk with foreign investors to start the construction process. The construction is slated to begin by the end of the July.
“We are proposing to build two refineries in Nigeria, one in Bayelsa and another in Kogi to ease fuel scarcity,” he said.
The proposed refinery will help to grow the country’s Gross Domestic Product and reduce capital flight. it will also help efficient circulation of products nationwide and reduce dependence on importation.
“Where Nigerians are spending $60 in exporting and bringing refined product, the proposed refineries will reduce the cost and stress of exporting crude. It will also create job; there will be a massive job creation where lots of Nigerian youths will be gainfully employed,” he explained.
Okoronkwo implored the Nigerian government to pass the Petroleum Industry Bill (PIB) to open the industry up for more investors.
Source: venture Africa