Business
Expert Okays FG’s Modular Refineries Initiative
A former Managing Director of Onne Oil and Gas Free zone Authority (OGFZA), Mr Victor Alabo, has given his support to the building of modular refineries.
Alabo, who disclosed his support for the Federal Government’s plan while speaking to newsmen in Port Harcourt recently said, such refineries would improve the nation’s economy and create massive employment for the youths.
“The development of the petroleum industry should go into manufacturing, production of petrochemicals, plastics and crude oil derivatives”, he said.
He explained that, crude oil has a lot of by-products that can be generated into plastic, resins and several other useful products.
According to Alabo, once manufacturing goes into that sector, the number of jobs that would be created would be enormous.
The former OGFZA boss explained that it was in this context that the idea of the modular refinery was being canvassed by the government.
He also said, the decision of the Federal government to sustain the Niger Delta Amnesty Programme will ensure peace in the area and allow Nigeria, maximize her oil posentials.
“The best option is to continue with the Amnesty programme and sustain capacity building so that by the time we go into modular refineries and other manufacturing we will have the capacity of youths that can mann those industries, and that is why the amnesty programme should continue” he said.
He added that, one of the major challenges facing the region was that the youths have no skills and could not be employed even as he said the sustenance of the amnesty programmes would address such challenge.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.