In a statement, Chief Executive Officer, Omotayo Adebajo, called on Nigerians to support the President, and be patient with him.
Acknowledging the subsidy removal has resulted in higher pump prices, he noted the President’s action will boost investment and free money to be channelled into projects.
He called on the President to deepen previous commitment by Muhammadu Buhari to support local refinery projects through NNPC Limited’s equity in African Refinery’s 100kbd project and Dangote Refinery in Lagos.
Adebajo said these projects are critical to the drive to stop fuel importation and guarantee energy security.
He reiterated the call in many circles for the government to support private sector investors, especially in accessing feedstock and government backed low interest finance.
The chief executive noted his refinery project will increase local production and safeguard a more competitive market of multiple producers in more than one region.
He said it will with similar projects help in positioning Nigeria as a net exporter of petroleum and petrochemical products and commodities.
The press release also announced that the company has commenced Front-End Engineering Design (FEED) activities, which marks a significant and critical milestone towards turning the vision of the refinery into a reality; the company also gave notice and as part of these activities a team of its foreign experts and consultants will arrive in Nigeria in June 2023 to conduct critical surveys and to hold meetings with our partners and other industry stakeholders.
The press release concluded by reaffirming African Refinery’s full support for the President’s removal of all petroleum subsidies and strongly believe that this bold action is the critical first step towards our nation’s drive for a brighter and more prosperous future.