Nigeria’s energy sector is set for a boost as petroleum marketers, in collaboration with three oil companies—Claridge Petroleum Company Ltd, Oasis Petrochemical Products Limited, and Afrintech—announce plans to establish a 50,000 barrels per day (bpd) refinery in Akwa Ibom State.
The project, spearheaded by the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), aims to address the country’s dependence on imported refined products and ensure access to affordable fuel for Nigerians.
This development echoes Senator Ned Nwoko’s consistent advocacy for strengthening Nigeria’s local production capacity and reducing reliance on imports.
The distinguished lawmaker representing Delta North senatorial district, which consists of nine local government areas, six of which are oil producing, has long called for bold measures to address the imbalance in Nigeria’s petroleum sector, emphasizing the importance of refining crude oil locally, encourage modular refineries, create jobs, and ultimately strengthen the Naira.
Through legislative efforts, such as his motion titled “Need to Investigate the Incessant and Nefarious Acts of Crude Oil Thefts in the Niger Delta and Its Actors” and his Bill to restrict foreign currency transactions in Nigeria, as well as his broader push for economic policies that prioritize local production, including his proposed motion on “Compelling Need to Ban Importation of All Non-essential Goods and Locally Producible Items in Nigeria”, Senator Ned Nwoko has demonstrated an unwavering commitment to Nigeria’s economic sovereignty.
He has consistently argued that empowering the local economy is the only sustainable way to build a stable and self-reliant nation.
Senator Ned Nwoko, in his motion on the need to investigate crude oil theft in Niger Delta region, urged the federal government to legalise artisanal refining to enable the production of more refined products at affordable rates for Nigerian citizens.
The ongoing efforts to establish a 50,000 barrels per day (bpd) refinery in Akwa Ibom state, modernize existing refineries and the emergence of modular facilities, signal a new era for the petroleum sector, one that aligns with Senator Nwoko’s push for economic policies that make the Naira stronger and ensure a more productive future for Nigerians.
This progress reinforces the lawmaker’s vision of a more resilient and productive Nigerian economy.
This is the time for Nigeria to consolidate gains from these initiatives, creating an enabling environment for investments in refinery development, ensure policy consistency, and prioritize local production in all sectors of the economy.
For a more in-depth understanding of Senator Nwoko’s perspectives on these issues, you may find this interview and news links insightful:
https://www.vanguardngr.com/2024/04/no-short-cut-to-naira-appreciation-says-ned-nwoko/
https://businessday.ng/news/article/senate-proposes-law-to-ban-use-of-dollar-others-for-transactions/
