The refineries can help Nigeria stop spending its scarce foreign exchange on buying fuel from abroad and support other ¡°auxiliary businesses,¡± according to Oyarekhua, an oil product trader by background. ¡°I¡¯ve seen the inefficiency in that system of importing product.¡± ¡ªWith assistance from Gina Turner.
Will a mini refinery Help Africa’s biggest economy off foreign fuel?
This advertisement has not loaded yet, but your article continues below. On a river bank deep in the Niger Delta a local contractor is building one of a growing number of mini refineries that the Nigerian government hopes will finally help wean Africa¡¯s biggest economy off foreign fuel.
How many mini-refineries are there in Nigeria?
However, the government has licensed a total of 40 mini-refineries. At least 80,000 daily barrels of modular refining capacity is expected to be completed in the next five years, according to Simbi Wabote, head of the Nigerian oil industry¡¯s local content agency.
What is Nigeria’s potential for refining?
Imports currently account for over 80% of Nigeria’s refined product supply, creating a huge potential for local refining. The West African market also holds significant potential as refineries such as SIR (Ivory Coast), SOGARA (Gabon) and SAR (Senegal) cannot meet current demand for refined products in the region, estimated at 39 billion litres.
