A consortium of South Korean investors is set to build four refineries in Nigeria, each with a capacity of 100,000 barrels, the Federal Government announced on Tuesday. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, shared this during the inaugural summit of the Crude Oil Refineries Owners Association of Nigeria in Lagos, highlighting the government's open environment for investors in the energy sector.
Lokpobiri revealed that the government recently approved the consortium's plans, adopting a public-private partnership model to attract investments in modular and mega refineries. This initiative aims to boost Nigeria’s energy security by promoting local refining and ensuring crude oil feedstock availability through transparent domestic crude supply obligations.
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He also emphasized the government's commitment to refinery development, noting concessions for local refinery owners and tax exemptions for equipment importation, positioning Nigeria to become Africa’s petroleum refining hub. Additionally, Lokpobiri announced plans for apprenticeship programs to develop local expertise in refinery operations, alongside partnerships for technology transfer and innovation.
To curb crude oil theft and illegal refining, Lokpobiri said an international emergency committee had been established to focus on homegrown solutions to enhance in-country refining capabilities.
