Business

Modular refinery’ll boost Edo’s economy, say stakeholders

The modular refinery being constructed in Ologbo in Ikpoba Okha Local Government Area of Edo State will be a big boost to the economy of the state, stakeholders have said.

A statement from the Edo State Government on Friday said the stakeholders said apart from reducing the demand pressure on foreign exchange to import petroleum products, the refinery would create employment opportunities for the citizens of the state.

According to the statement, the refinery, which is the outcome of a Memorandum of Understanding between the Governor Godwin Obaseki-led administration and a Chinese consortium is 70 per cent completed.

It said when completed, it would produce 50 per cent of diesel (500,000 litres), 25 per cent of naphtha (300,000 litres), and 20 per cent of fuel oil (200,000 litres).

A top player in the Edo State branch of the Independent Petroleum Marketers Association of Nigeria, Daniel Ojo, was quoted as saying, “If it is completed, the economic benefit is huge.

“Before now, the Benin Depot of NNPC used to be very busy and it created a lot of business opportunities for people who come to buy products.

“If the modular refinery is completed in Ologbo, it will attract a lot of businesses beyond petroleum products.

“The petroleum business cuts across and this will be a boost to the economy of the state and Nigeria.

“It will also lead to a reduction in the prices of petroleum products because of its availability and demand and supply factor.”

The Vice-Chairman of the Nigeria Labour Congress in Edo State, Mr Eddy Ossai, was quoted as saying, “This will be a very big boost to the state economy because automatically the Internally Generated Revenue will jerk up.

“Besides, there will be massive job opportunities for citizens. It will be a plus for the government and the oil and gas sector in the state.”

Osai added that it would also help us to conserve foreign reserve by reducing the demand for dollars to purchase finished petroleum products from other countries.

Source: punchng.com