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Published On: Tue, Oct 28th, 2014

Refining crude oil locally will help Nigeria economy- Oil Marketers

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Nigeria RefineryFrom Ayodele Samuel, Lagos

The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Tuesday has urged government to ensure refining the country’s crude oil locally saying is the only way to stem decline in price of crude oil.

IPMAN National President, Chinedu Okorokwo, speaking during the association zonal meeting/swearing of the new western zone vice-chairman in Lagos said that the going decline of price of crude oil at the international marketer should not disturb Nigerians, adding that if crude is locally refine in the country it will reduce other expenses and boost Gross Domestic Products (GDP).

According to him, over 243 by- product is been fund in the crude oil but only three is been gotten in Nigeria. When we refine our crude locally it we harness more product to boost the country’s economy.

“ We should not entertain any fear on the current decline in crude oil prices globally.

“IPMAN is working seriously to ensure that the proposed $3 billion refineries in Kogi and Bayelsa come on stream by 2016 to reduce refining outside the country.

He said that when the refineries come on stream it would continue to build and maintain a healthy external reserves position.

“We are proposing to build two refineries in Nigeria; one in Bayelsa and another one in Kogi to ease scarcity which is part of the present administration’s agenda. We are in discussion with our foreign investors.

“We will ensure that the product will get to all nooks and crannies of the country; it will also grow the GDP of the country because capital flight will reduce drastically.

“Where Nigerians are spending $60 billion in importing refined products, the proposed refineries will reduce the cost and stress of exporting crude to bring in refined products.

It will also create jobs; there will be massive job creation where lots of Nigerian youths will be gainfully employed. You will agree with me that it will also stop incessant kidnapping in the country,” he explained.

Okoronkwo stated that the proposed refineries would go a long way in opening up the socio-economic growth of the country, which would also key into the transformation agenda of President Goodluck Jonathan.

He said that Nigeria, Africa’s largest crude oil producer, is arguably the biggest importer of refined petroleum products in the continent, creating a lucrative market for refineries particularly in Europe and the United States (US).


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