BOI emphasizes the importance of backing modular refineries for economic improvement in Nigeria.

 

Dr. Olasupo Olusi, the Managing Director of Bank of Industry Limited, Nigeria (BOI), has expressed the institution's commitment to partnering with modular refineries to address economic challenges in the country. During a facility visit to Waltersmith Refinery in Imo State, he emphasized BOI's dedication to supporting initiatives that contribute value to Nigeria's economy. Olusi highlighted the established partnership between BOI, the Nigerian Content Development and Management Board (NCDMB), and Waltersmith to promote local content production and address economic issues, including inflation.

BOI's strategic vision for localizing production aims to take control of Nigeria's energy sources. Olusi stated that advanced talks are underway for financing agreements to support the growth of modular refineries, with a particular focus on Waltersmith. The collaboration aims to contribute to managing inflation and fostering economic development.

Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, who accompanied Olusi on the visit, advocated for the presence of more active modular refineries in the country. He emphasized that supporting such refineries is crucial in addressing energy, oil, and gas challenges. The federal government, Lokpobiri added, is willing to provide funding and necessary assistance to active modular refineries to encourage increased productivity.