According to report reaching OYOGist.com, the Chief Executive Officer of BUA Cement has shown interest to begin the construction of a mega refinery in Akwa Ibom State. This came after he met with the French President, Macron, and signed a deal to build the mega refinery.
The mega refinery will be completed in 2024 and will have the capacity to produce 200,000 barrels of oil per day.
The refinery will join Dangote mega refinery in Lagos State which has the capacity to produce 600,000 barrel oil per day.
When both refineries are completed, they will reduce importation drastically and create thousands of direct and indirect employment opportunities for Nigerians and also contribute immensely to the country’s economy.
One of the major challenges faced by Nigeria is the importation of petroleum products from overseas. Nigeria spends billions of Naira annually to import petroleum products into the country despite producing crude oil.
The four refineries owned by Government are currently not effective. The government has given the private sector permission to the investment heavily in the oil and gas sector.
