- The Edo Modular Refinery is set to be completed by the end of September 2020
- This was revealed by an official of the Edo Refinery and Petrochemical Limited, Segun Okeni
- Okeni made the comment when members of the Edo state House of Assembly visited the facility on inspection
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Speaker of the Edo state House of Assembly (EDHA), Rt. Hon. Francis Okiye, has said the Edo Modular Refinery being developed by Edo Refinery and Petrochemical Limited with support from the state government would reset the economic base of the state.
Okiye made the comment when he led the legislative house on an inspection tour of the refinery as part of their oversight function.
According to him, the facility demonstrates the Edo government’s readiness to deploy innovative means to attract big-ticket investments into the state.
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“Inspecting this project, it shows that both parties have lived up to expectations,” Okiye stated.
Okiye said the return on investment is direct and indirect employment followed by a chain of benefits accruing to the state as a result of the investment.
An official of ERPC, Mr Segun Okeni, said the Edo Modular Refinery is 99 per cent ready and will be completed before the end of September 2020.
Conducting the leadership of the EDHA round the premises of the Edo Refinery, Okeni said when completed, the project will boost the economy of the local community, the state and the country at large.
“It will also help to boost foreign exchange as some of the products will be exported. Our vision is to be able to take care of 80 per cent of diesel demand in the next five years,” he added.9 Facts about Forbes under 30 Nigerian Obinwanne Okeke accused of $12m fraud
Legit.ng had earlier reported that the refinery is set to meet 18% of Nigeria’s diesel demand after its expansion.
“On expansion, the refinery would increase the refining capacity in Nigeria and meet 18 per cent of the local demand for diesel in Nigeria,” Osime said previously.
Similarly, the facility is projected to earn about $125million in foreign exchange from the exportation of naptha, which is one of the major products from the refinery.
Osime had disclosed this in a previous statement, adding that the refinery benefits from the federal government’s ease of doing business programme through which it granted fiscal incentives such as duty waiver on importation of equipment.
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