Nigeria’s energy sector is poised for a major leap forward with plans to establish a 50,000 barrels-per-day (bpd) refinery in Akwa Ibom State. The initiative, driven by the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) in collaboration with Claridge Petroleum Company Ltd, Oasis Petrochemical Products Limited, and Afrintech, seeks to curb the nation’s dependence on imported refined products while providing affordable fuel for citizens.
This milestone aligns closely with Senator Ned Nwoko’s longstanding advocacy for local production and economic self-reliance. Representing Delta North Senatorial District, which includes six oil-producing local government areas, Nwoko has consistently emphasized the need to refine crude oil locally, promote modular refineries, create jobs, and strengthen the Naira.
Senator Nwoko’s legislative efforts underscore his dedication to economic transformation. His motion titled “Need to Investigate the Incessant and Nefarious Acts of Crude Oil Thefts in the Niger Delta and Its Actors” and his proposed Bill to restrict foreign currency transactions in Nigeria exemplify his commitment to addressing systemic challenges in the petroleum sector. Nwoko has also championed policies to ban the importation of non-essential goods that can be produced locally, a move aimed at fostering industrial growth and reducing capital flight.
The senator has been vocal about legalizing artisanal refining as a strategy to increase domestic production of refined petroleum products, ensuring affordability for Nigerians. “Empowering local production is the only sustainable path to economic stability and self-reliance,” Nwoko has often remarked.
The Akwa Ibom refinery project is a promising step toward realizing this vision. Alongside efforts to modernize existing refineries and support modular facilities, it signals a shift toward a more self-sufficient petroleum sector. This aligns with Senator Nwoko’s broader push for policies that strengthen the Naira and bolster Nigeria’s economic resilience.
As Nigeria moves forward, this development underscores the importance of creating an enabling environment for investments in refinery projects, ensuring policy consistency, and prioritizing local production across all sectors. Senator Nwoko’s vision of a productive and economically sovereign Nigeria appears ever closer to becoming a reality.
For a more in-depth understanding of Senator Nwoko’s perspectives on these issues, you may find this interview and news links insightful:
https://www.vanguardngr.com/2024/04/no-short-cut-to-naira-appreciation-says-ned-nwoko/
https://businessday.ng/news/article/senate-proposes-law-to-ban-use-of-dollar-others-for-transactions/
