Supporting Modular Refineries Key To Enhancing Nigeria Economy – BOI

The managing director, Bank of Industry Limited, Nigeria (BOI), Dr. Olasupo Olusi has pledged to partner with modular refineries as a viable means of solving economic challenges in the country.

He reiterated the commitment of the development financial institution to continually support efforts that would add value to Nigeria’s economy.

Olusi disclosed this when in company of the minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri and the Executive Secretary, Nigerian Content Development and Management Board (NCDMB), Engr. Simbi Wabote paid a facility visit to Waltersmith Refinary, Ibigwa in Imo State.

He further disclosed that BOI has established partnership with NCDMB and Waltersmith aimed at promoting the production of local contents and managing inflation and other economic issues in the country.

According to him, one of the strategic visions for the localisation of production is to take control of our own energy sources and there is nothing else important right now for Nigeria to do more than that.

“So it is for this reason that we are already in partnership with NCDMB and Waltersmith. We have talks that are in a very advanced stage of financing agreement to support the growth and development of modular refineries in general and Waltersmith in particular.”

 Also speaking, the minister advocated for the existence of more active modular refineries in the country, stressing that such would help to address energy, oil and gas problems.

 Lokpobiri said that the federal government is willing to support active modular refineries with funding and other necessary assistance to encourage maximum productivity.