Nigeria’s energy sector is poised for transformation as petroleum marketers, in partnership with three oil companies—Claridge Petroleum Company Ltd, Oasis Petrochemical Products Limited, and Afrintech—unveil plans to establish a 50,000 barrels per day (bpd) refinery in Akwa Ibom State.
The initiative, led by the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), is a strategic step to reduce the nation’s dependence on imported refined products and provide Nigerians with affordable fuel.
This move aligns closely with Senator Ned Nwoko’s longstanding advocacy for boosting local production capacity and minimizing reliance on imports. Representing Delta North senatorial district—comprising nine local government areas, six of which are oil-producing—Senator Nwoko has consistently called for robust reforms in Nigeria’s petroleum sector. He has championed local crude oil refining, encouraged modular refinery development, promoted job creation, and emphasized the strengthening of the Naira through self-reliance.
Senator Nwoko’s legislative efforts, such as his motion on “The 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, underline his commitment to economic sovereignty. He has also proposed motions such as “The Compelling Need to Ban the Importation of All Non-Essential Goods and Locally Producible Items in Nigeria,” reflecting his vision for a sustainable, self-reliant national economy.
In his motion addressing crude oil theft in the Niger Delta, Senator Nwoko urged the Federal Government to legalize artisanal refining to enhance the production of affordable refined products for Nigerians.
The establishment of a 50,000 bpd refinery in Akwa Ibom, alongside the modernization of existing refineries and the rise of modular facilities, marks a pivotal moment for Nigeria’s petroleum sector. This progress embodies Senator Nwoko’s push for economic policies that bolster the Naira and ensure a prosperous future for Nigerians.
As these initiatives gain momentum, it is critical for Nigeria to consolidate these gains by fostering an investment-friendly environment, ensuring policy consistency, and prioritizing local production across all economic sectors.
For further insights into Senator Nwoko’s perspectives on these issues, explore the following resources:
Interview: No Shortcut to Naira Appreciation
Vanguard News: No Shortcut to Naira Appreciation
BusinessDay: Senate Proposes Law to Ban Use of Dollar for Transactions
This is the time for Nigeria to harness these advancements, paving the way for a stable and self-reliant economy.