download 2024 Budget SpeechThe Trailblazer Governor

Obaseki seeks investors to build more refineries in Edo

27 Feb 2023


The Edo State Governor, Mr. Godwin Obaseki, has said the government is providing the right incentives and guaranteeing a safe and conducive environment to ensure the influx of investors to boost the state’s economy and sustain the government’s industrialization drive.

Obaseki said this when he inspected the Edo Refinery in Ologbo, Ikpoba Okha Local Government Area of the state.

The refinery which is operating at 80 percent production capacity is the first of two refinery projects in the state, alongside the Duport Refinery, which is operated by Duport Midstream Company Limited.

The two modular refineries were attracted into the state on the back of nuanced reforms by the Governor Godwin Obaseki-led administration to boost investment inflow and drive industrialization in the state.

The combined capacity of the two refineries positions Edo State as a major hub for petrochemicals in the country, as the construction projects create job opportunities and build local capacity for projects in the oil and gas industry.

Speaking during the inspection, the governor said the refinery is already oversubscribed, noting that the government is encouraging more investors to take advantage of its gas assets to build more refineries in the state.

Obaseki said the government is partnering with the private sector, ensuring a business-friendly environment to drive investments into the state and boost its economy.

Recall that during the 2022 Alaghodaro Summit, Governor Obaseki disclosed that the government was in talks with private investors to finalise agreements and pre-work for the development of two condensate refineries in the state.

Edo State, under the administration of Governor Obaseki, is being repositioned to become Nigeria’s leading industrial hub, pushing for investments in industrial and processing industries. In the last six years, the state has attracted close to $2bn worth of investment across agriculture, energy, food processing, light manufacturing, forestry and technology sectors.

With the rise in electricity wattage in the state, it is fast becoming a new haven for businesses seeking stable electricity to expand their businesses, especially as it boasts the largest onshore gas resources in Nigeria.

Read More News