Nigeria to build four new refineries

LAGOS, October 10, 2024 – A South Korean consortium reached a deal with the Nigerian government to build four 100,000-bpd refineries, Heineken Lokpobiri, minister of state for petroleum resources, announced on Tuesday.

Lokpobiri revealed the deal at the inaugural summit organised by the Crude Oil Refineries Owners Association of Nigeria. The refineries will be built according to a public-private partnership model. The partners of the consortium were not disclosed.

The deal aligns with a set of government-led initiatives to open Nigeria to investment, liberalise its downstream, invest in both modular and conventional refineries, and eliminate its need to import petroleum products.

Regarding these initiatives, Lokpobiri said, “The ministry has facilitated easier access to existing tax and other exemptions on refinery equipment importation, which is part of our plan to make Nigeria self-sufficient for petroleum producers and become Africa’s petroleum refining hub.”

Read our latest insights on: