Business

Two Edo Refineries To Boost Nigeria’s 1.5 Million Bpd Refining Capacity By 2025, Says Wabote

Published

2 years ago

October 29, 2023

The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has said that the two refineries in Edo State, the Edo Refinery and Duport Midstream Refinery, which are currently refining petrochemical products, are well positioned to contribute to Nigeria’s 1.5 million barrels per day refining capacity by 2025.

Wabote disclosed this while delivering a keynote address at the third Biennial International Conference on Hydrocarbon Science and Technology, organised by the Petroleum Training Institute (PTI) in Abuja, with the theme, “The Future of the Oil and Gas Industry: Opportunities, Challenges, and Development.”

The two refineries in Edo State have placed a combined order of 300,000 barrels of crude from the Oza oil field and currently produce diesel, naphtha and Lour Pour Fuel Oil (LPFO).

While the Edo Refinery and Petrochemical Company (ERPC) runs the 6000bpd plant in Ologbo, Ikpoba Okha Local Government Area, Duport Midstream Company Limited (DMCL) operates the Duport Refinery, which is part of an integrated energy park, located in Egbokor, Orhionmwon Local Government Area of the State.

The Edo Refinery was midwifed through a N700m investment by the Governor Godwin Obaseki-led government in 2019, and is already being expanded into a 12,000bpd facility.

Wabote’s NCDMB has stakes in the Duport Refinery and is committed to the expansion of the facility.

According to Wabote, “If all plans go well, Nigeria would meet the target of 1.5 million bpd by 2025 through the various refining investments such as the 650,000 barrels per day Dangote refinery and the Bua Group refinery project.

He also listed the Waltersmith modular refinery, Duport Midstream refinery, OPAC Refinery, Edo Refinery, Aradel Holdings refinery as well as the existing 445,000 barrels per day capacity from the Kaduna, Warri, and Port Harcourt refineries as some of the projects that would help Nigeria hit the 1.5 million bpd refining target.

“The realisation of these projects would culminate in Nigeria achieving a combined refining capacity of approximately 1.5 million barrels per day by 2025,” he added.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

4 days ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

2 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

1 month ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.