Managing Director, Bank of Industry Limited, Nigeria, BOI, Dr. Olasupo Olusi has pledged to partner with modular refineries as a viable means of solving economic challenges in the country.
He reiterated the commitment of the development financial institution to continually support effort that would add value on Nigeria economy.
Dr. Olusi disclosed this when, he in company of the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri and the Executive Secretary, Nigerian Content Development and Management Board, NCDMB, Engr. Simbi Wabote paid a facility visit to Waltersmith Refinary, Ibigwa in Imo State on Tuesday.
He further disclosed that BOI has established partnership with NCDMB and Waltersmith aimed at promoting the production of local contents and managing inflation and other economic issues in the country.
According to him, “one of the strategic vision for the localization of production is to take control of our own energy sources and there is nothing else important right now for Nigeria to do more than that.
“So it is for this reason that we are already in partnership with NCDMB and Waltersmith. We have talks that are in very advanced stage of financing agreement to support the growth and development of modular refineries in general and Waltersmith in particular.”
“We are very open and committed to supporting modular refineries. Because if we are able to support modular refineries more, we will be able to manage inflation better and of course, the physical pressure in terms of all the noise around the minimum wage may reduce.
“And so for us, our engagement is strategic in this very critical sector of the economy.” the BOI CEO added.
Also speaking, the Minister advocated for existence of more active modular refineries in the country, stressing that such would help to address energy, oil and gas problems.
Sen. Lokpobiri said that the Federal Government is willing to support active modular refineries with funding and other necessary assistance to encourage maximum protectivity.
He said, “my duty as Minister of Petroleum Resources basically is to ensure that we have enough supply of refined Petroleum products for the consumption of Nigerians.
“The shortest way of solving our energy problems is to invest and support modular refineries. And as government, we will do whatever we can to support them.
“The biggest challenges modular refineries have are feedstock and access to funding. And we are addressing this problems.
“I have also said it is not just enough to give people who have modular refineries license and money but we need to identify and support only those who have proven records of success.”
Earlier, Abdulrazaq Isa, Chairman and Co-Founder of Waltersmith Group of Companies said the target of WalterSmith is to industrialize the South East and the country in general.
He said, “what we are doing is to help reduce energy poverty in Nigeria. Because once we can provide energy access to companies, we see that as adding value to the process and creating job opportunities for Nigerians. That is our vision in Waltersmith.”
“Our goal for our refinering capacity is to get to about two million tons of products every year. That is where we are headed and then, ultimately, we set up of distribution channels to distribute our products within the South Eastern part of Nigeria.” he added.
