President Muhammadu Buhari has explained how Nigeria will become a net exporter of Premium Motor Spirit (PMS), also known as petrol, and other petroleum products.
He believes this is achievable by the implementation of the Refinery Roadmap rolled out in 2018, saying the deployment of modular refineries is one of the four key elements of his administration.
President Buhari made the remarks on Tuesday at the virtual inauguration of the 5,000 barrels per day Waltersmith Modular Refinery in Ibigwe, Imo State.
“There is increased momentum in the other three focus areas under the roadmap covering the rehabilitation of existing refineries, co-location of new refineries, and construction of greenfield refineries,” he was quoted as saying in a statement by his media adviser, Femi Adesina.
The President added, “The realisation of the refinery roadmap will ultimately lead us to become a net exporter of petroleum products not only to our neighbouring countries but to the worldwide market.
“This modular refinery is the largest commissioned modular refinery in the country today.”
The event also featured the ground-breaking ceremony for the Phase-II works to expand the capacity of the refinery to 50,000 barrels/day.
Against the backdrop of the recent increase in the pump price of petrol in Nigeria, President Buhari believes the establishment of modular refineries in the country will make petroleum products available and eliminate importation.
He was delighted that the modular refinery came on stream within two years of the commencement of the roadmap, after many years of granting licences for the establishment of modular refineries with nothing to show for it.