Dr. Olasupo Olusi, the Managing Director of Bank of Industry Limited (BoI), has expressed a commitment to collaborate with modular refineries to address economic challenges in Nigeria. The partnership aims to support local production, particularly in the energy sector, contributing to economic growth and stability.
Key Points:
- Strategic Vision for Local Production: Dr. Olusi emphasized the strategic vision of promoting local production to take control of Nigeria’s energy sources. The partnership with the Nigerian Content Development and Management Board (NCDMB) and Waltersmith is geared towards advancing this vision.
- Partnership with NCDMB and Waltersmith: BoI has established a partnership with NCDMB and Waltersmith, focusing on the growth and development of modular refineries. Talks are in an advanced stage for a financing agreement to support the sector, with a particular emphasis on Waltersmith Refinery in Imo State.
- Addressing Inflation and Economic Challenges: Supporting modular refineries is seen as a strategic move to manage inflation, reduce pressure on the economy, and contribute to economic stability. The commitment extends to actively participating in the development of this critical sector of the economy.
- Advocacy for More Modular Refineries: The Minister of State for Petroleum Resources, Heineken Lokpobiri, advocated the existence of more active modular refineries in Nigeria. He emphasized that supporting these refineries would address energy, oil, and gas problems in the country.
- Government Support: Minister Lokpobiri reiterated the willingness of the Federal Government to support active modular refineries with funding and other necessary assistance to encourage maximum production. The government aims to ensure a sufficient supply of refined petroleum products for the nation.
- Waltersmith’s Industrialization Target: Abdulrazaq Isa, the Chairman and Co-founder of Waltersmith Group of Companies, highlighted the company’s goal to industrialize the South-east and Nigeria as a whole.
Conclusion: The collaboration between Bank of Industry, NCDMB, and Waltersmith to support modular refineries reflects a strategic effort to enhance local production, address economic challenges, and contribute to the overall development of Nigeria’s energy sector. This partnership aligns with the government’s commitment to supporting initiatives that promote economic growth and stability.
