Nigeria is taking decisive steps to strengthen its energy sector.
Consequently, the House of Representatives plans a law to protect local refineries.
Law To Protect Local Refineries
Chairman of the House Committee on Petroleum Resources, Ikenga Ugochinyere, revealed the Refinery Protection and Promotion Bill at the Downstream Week Summit.
The bill will classify refineries as strategic national assets, streamline regulations, and guarantee uninterrupted access to crude feedstock nationwide.
However, Ugochinyere noted that despite reforms like the DCSO, local refineries still face feedstock shortages, price volatility, and overlapping regulations.
Therefore, he argued, the law will empower refineries to operate efficiently, attract investment, create jobs, and strengthen Nigeria’s energy independence.
Labour And Compliance
Moreover, he emphasised labour harmony.
Addressing Dangote Refinery disputes, he urged dialogue over disruption and insisted operators comply with tax, safety, and environmental rules.
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Industrial Growth And Investment
The summit also highlighted Nigeria’s growing industrial capacity.
For example, Indorama Petrochemical is expanding fertiliser output to 2.8 million tonnes per year.
In addition, Waltersmith Modular Refinery will increase capacity from 5,000 to 50,000 barrels per day, while OPAC Refinery develops in Delta State.
Ugochinyere also praised the Dangote Refinery, Africa’s largest at 650,000 barrels per day, which reshapes regional energy stability and strengthens national refining capacity.
Furthermore, $13 billion in new upstream investments in 2024 shows renewed investor confidence in Nigeria’s energy sector.
Finally, Ugochinyere concluded, “Today, Nigeria is expanding refining capacity and industrial growth across the energy chain.
Our duty is to sustain momentum with proper policies.”
