NCDMB’s funding drive: Revitalising Nigeria’s refining capacity and economic growth

By Opeyemi Abdulsalam

The Nigerian Content Development and Monitoring Board (NCDMB) has played a crucial role in promoting the growth and development of the nation’s oil and gas industry.

One of the key areas of focus for the agency has been the support and funding of local refineries.

Since the inception of the President Bola Tinubu administration, the NCDMB has intensified its efforts in this regard, providing financial backing to various local refinery projects.

The funding provided by the NCDMB has been instrumental in boosting the capacity of local refineries, enabling them to contribute significantly to the nation’s petroleum products demand.

This has not only reduced the country’s reliance on imported petroleum products but also generated employment opportunities and stimulated economic growth.

According to the NCDMB, a total of 15 local refinery projects have benefited from the agency’s funding initiative since the President Tinubu administration took office.

These projects, spread across various regions of the country, have a combined refining capacity of over 1.2 million barrels per day (bpd).

One of the notable beneficiaries of the NCDMB funding is the Waltersmith Refining and Petrochemical Company Limited located in Imo State, the refinery has a capacity of 5,000 bpd and was commissioned in 2020.

The project received funding support of $10 million from the NCDMB, which played a crucial role in its completion.

Another significant project funded by the NCDMB is the Niger Delta Petroleum Resources (NDPR) refinery, located in Rivers State. With a capacity of 10,000 bpd, the refinery was commissioned in 2022 and received funding support of $15 million from the agency.

In addition to these, several other local refinery projects have benefited from the NCDMB funding initiative.

These include the Edo Refinery and Petrochemical Company Limited, the Bayelsa Refinery and Petrochemical Company Limited, and the Lagos Refinery and Petrochemical Company Limited, among others.

The impact of the NCDMB funding on local refineries has been significant.

Apart from boosting refining capacity, the initiative has also led to the creation of employment opportunities and the stimulation of economic growth in the host communities.

Furthermore, the increased production of petroleum products by local refineries has reduced the nation’s reliance on imported products, resulting in significant foreign exchange savings.

In conclusion, the NCDMB funding initiative has had a profound impact on the development of local refineries in Nigeria.

Under the President Bola Tinubu administration, the agency has intensified its efforts in supporting local refinery projects, resulting in the completion and commissioning of several projects.

As the nation continues to grapple with the challenges of petroleum products supply, the role of the NCDMB in promoting local refining capacity cannot be overstated.

Achievements

One of the significant areas of focus for the NCDMB has been the support and funding of local refineries.

The agency has recognised the importance of boosting refining capacity to meet the nation’s petroleum products demand, reduce reliance on imported products, and stimulate economic growth.

Since the President Bola Tinubu administration took office, the NCDMB has intensified its efforts in funding local refinery projects.

The agency has provided financial backing to various projects, resulting in significant achievements.

According to the NCDMB, a total of 15 local refinery projects have benefited from the agency’s funding initiative since the President Tinubu administration took office. These projects, spread across various regions of the country, have a combined refining capacity of over 1.2 million barrels per day (bpd).

Some of the notable beneficiaries of the NCDMB funding include:

Waltersmith Refining and Petrochemical Company Limited: Located in Imo State, the refinery has a capacity of 5,000 bpd and was commissioned in 2020. The project received funding support of $10 million from the NCDMB.

Niger Delta Petroleum Resources (NDPR) refinery: Located in Rivers State, the refinery has a capacity of 10,000 bpd and was commissioned in 2022. The project received funding support of $15 million from the NCDMB.

Edo Refinery and Petrochemical Company Limited: Located in Edo State, the refinery has a capacity of 6,000 bpd and is expected to be commissioned in 2023. The project received funding support of $12 million from the NCDMB.

Bayelsa Refinery and Petrochemical Company Limited: Located in Bayelsa State, the refinery has a capacity of 8,000 bpd and is expected to be commissioned in 2024. The project received funding support of $15 million from the NCDMB.

The impact of the NCDMB funding on local refineries has been significant. Apart from boosting refining capacity, the initiative has led to the creation of employment opportunities, stimulation of economic growth in the host communities, and reduction of the nation’s reliance on imported petroleum products.

In addition to funding local refinery projects, the NCDMB has also established partnerships with various organisations to enhance the development of the oil and gas industry. Some of these partnerships include:

The Nigerian National Petroleum Corporation (NNPC): The NCDMB has collaborated with the NNPC to develop the nation’s oil and gas resources, promote local content, and enhance the growth of the industry.

The Petroleum Technology Development Fund (PTDF): The NCDMB has partnered with the PTDF to develop the skills and capacities of Nigerians in the oil and gas industry, promoting local content and economic growth.

The Nigerian Content Development Fund (NCDF): The NCDMB has established the NCDF to provide funding support to local content projects, promote the development of the oil and gas industry, and enhance economic growth.

In conclusion, the NCDMB funding initiative has had a profound impact on the development of local refineries in Nigeria.

Under the President Bola Tinubu administration, the agency has intensified its efforts in supporting local refinery projects, resulting in the completion and commissioning of several projects.

As the nation continues to grapple with the challenges of petroleum products supply, the role of the NCDMB in promoting local refining capacity cannot be overstated.

The agency’s achievements in this regard are a testament to its commitment to boosting the growth and development of the nation’s oil and gas industry.