The Minister of Information and Culture, Lai Mohammed, has said that President Muhammadu Buhari Federal Government will encourage the establishment of modular refineries, in order to crash the price of petrol in the country.
The Minister stated this at Ibigwe, in Ohaji Egbema Local Government Area, of Imo State, during a Media tour of the Waltersmith Modular Refinery and Petro-Chemical Company Limited, which is due for commissioning next month.
“We can show Nigerians that while every government has been talking about modular refineries, no government has succeeded in turning the dream into reality until now”, he said.
Lai Mohammed disclosed that with the coming on board of medium-scale refineries like Waltersmith, Nigerians will soon experience cheaper petroleum products.
“With this kind of refinery, all issues of subsidy become completely irrelevant, because we would be able to get fuel at a cheaper price, especially because everything that is being produced, will be for local consumption”, he said.
The Minister lauded the partnership between the Waltersmith Refinery and the Nigerian Content Development and Monitoring Board, that holds a 30 percent stake in the refinery, which will start with 5,000bpd, add 25,000bpd in the second stage, and then another 20,000bpd, to bring the capacity to 50,000bpd, in the third and final phase.
He stated that the administration will continue to showcase its monumental achievements, because it has performed well in the execution of projects across the country.
“I am glad we are here today blowing our trumpet, because we have created an enabling environment for this project”, he said after himself and his entourage, as well as Governor Hope Uzodinma of Imo State, and some members of the National Assembly, were taken on a tour of the refinery; one of many of its type that is in different stages of completion in the country.
In his remarks, the Executive Secretary, Nigerian Content Development and Monitoring Board, Mr. Simbi Wabote, said that the Board believes that at least 10 percent of Nigeria’s Oil production should be refined through the modular refineries, because of its capacity to generate employment.
“With an average of 10 direct jobs created for every 1,000 barrels per day capacity of a modular refinery, we believe that about 2,500 direct jobs and over 25,000 indirect jobs can be created, if 10 percent of Nigeria’s production is refined using modular refineries”, he said.
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