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Edo Modular Refinery to Boost Economy, Reduce Pressure on Foreign Exchange

Strategic Insights

— 1 min read

The Peoples Democratic Party (PDP) and players in the petroleum industry have expressed optimism that the completion of the 5500bpd Edo Modular Refinery will be a significant boost to the economy of Edo State and the country. The refinery, currently 70 percent completed, will produce 50 percent diesel, 25 percent naphtha, and 20 percent fuel oil, reducing the demand for foreign exchange to buy finished products from overseas. According to Chris Nehikhare, PDP's publicity secretary in Edo State, the refinery will create employment opportunities for citizens and cater to the people's need for petroleum products.

Key Takeaways:

  • The Edo Modular Refinery is currently 70 percent completed and expected to produce 50 percent diesel, 25 percent naphtha, and 20 percent fuel oil.
  • The refinery will create employment opportunities for citizens and cater to the people's need for petroleum products.
  • The refinery will reduce the demand for foreign exchange to buy finished products from overseas.
  • Daniel Ojo, a top player in the Edo State branch of the Independent Petroleum Marketers Association of Nigeria (IPMAN), urged states with crude oil in the Niger Delta region to establish modular refineries to crash the cost of petroleum products in the country.
  • Eddy Ossai, vice-chairman, Nigeria Labour Congress in Edo State, stated that the refinery will automatically boost the state's Internally Generated Revenue and create massive job opportunities for citizens.
  • The refinery will help conserve foreign reserves by reducing the demand for dollars to purchase finished petroleum products from other countries.

Statistics:

  • 70% completion rate of the Edo Modular Refinery.
  • 50% diesel production from the refinery.
  • 25% naphtha production from the refinery.
  • 20% fuel oil production from the refinery.
  • 5500bpd production capacity of the refinery.
  • 3.5 million litres of diesel, 1.5 million litres of naphtha, and 1.2 million litres of fuel oil production per day.

Sources:

  • Chris Nehikhare, publicity secretary, PDP in Edo State.
  • Daniel Ojo, top player, Edo State branch of the Independent Petroleum Marketers Association of Nigeria (IPMAN).
  • Eddy Ossai, vice-chairman, Nigeria Labour Congress in Edo State.
  • No specific publication date or source mentioned in the article.

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