“Efforts to increase in-country oil refining capacity would likely reduce domestic fuel costs in 2024 and beyond.” the report noted.
The WESP report comes amid Nigeria’s effort to build up domestic refining with the completion of the $20 billion Dangote Refinery, and the lifeline given to some modular refineries.
According to the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, Nigeria’s combined oil refining capacity has been projected to hit 1.5 million barrels per day (mbd) by 2025.
