In a quest to direct foreign investment, the Federal Government of Nigeria has made arrangements in partnership with Blooming Faith Petroleum Limited, Hong Kong, to build a refinery with capacity to produce refined petroleum produce for the country’s market only.
Blooming Faith Petroleum Limited is a subsidiary of Blooming Faith Holdings Limited which are set to establish what would be the second largest refinery in the coastal state of Akwa Ibom. This was confirmed by the senior management of the organisation who are currently in Nigeria to set up procedure for the project.
They told newsmen in Abuja on weekend that successful meetings were held with the leadership of the Nigerian National Petroleum Corporation, NNPC, with a view to form a strategic relationship for the sole purpose of producing refined products for domestic consumption in Nigeria.
Chairman of the Hong Kong company, Dr. Robert Yeung, who spoke on the development, said their interest in constructing the refinery was motivated by the market in Nigeria and the confidence they have as an investors’ destination of choice in Africa.
“We became immediately interested for two basic reasons, firstly as a business entity we have identified the fact that there is a vacuum to be filled, hence there is market for our produce when we get started. This is so because the government of Nigeria will not import what it can access locally as being produced by refineries in-country.
“And secondly because of our confidence in Nigeria as an investors destination of choice in Africa as we know that with a population of almost 200 million people we can never get it wrong with the country and its people,” he said.
“We have no interest in exporting refined products as our basic objective is to produce refined petroleum products for the Nigerian market, discussions are currently on-going with the NNPC and the Department of Petroleum Resources and we hope at the end we will get all necessary approvals as we are ready to commence immediately with one hundred percent funding capability”.
Also speaking on the development, Mr. John Erigwe, who is the Hong Kong firm’s International Operations Director stated that the company had the financial capability and technical expertise to see the project through. He adding that it was deeply interested and highly committed to investing in Nigeria’s economy.
“We are fully interested in doing business in Nigeria and we don’t require any road-show to put our funds in the Nigerian economy as we have done our feasibility studies and risk analysis to conclude that Nigeria inspite of bureaucratic bottle necks is still an investor’s choice destination.
“Our refinery if approved and completed would be second in size and output capacity in Nigeria second only to the ongoing Dangote refinery which we gathered would commence operations in 2019.
Meanwhile, Mr. Yemie Adeoye, producer Energie Platform and CEO of D’ Alphaxristi Ltd, consultants to the investors stated that it is pertinent that the Government eases the pathway to investments as a way of encouraging investors to commit funds to projects.
According to him,
“This project, between construction and completion would generate thousands of job opportunities for Nigerians both directly and indirectly and in a country where the unemployment rate is on the high, this is not an opportunity the federal government can afford to treat with levity.”