Managing Director of Bank of Industry Limited (BoI), Dr Olasupo Olusi, has pledged to partner with modular refineries to solve economic challenges in the country.
He reiterated the commitment to the development of financial institutions to continually support efforts that would add value to the economy.
Olusi disclosed this when he, in the company of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and the Executive Secretary, Nigerian Content Development and Management Board (NCDMB), Simbi Wabote, paid a facility visit to Waltersmith Refinery, Ibigwa, Imo State on Tuesday.
He disclosed that BoI has established a partnership with NCDMB and Waltersmith aimed at promoting local production to reduce the speed of inflation and stem other economic challenges.
He said: “One of the strategic visions for the localisation of production is to take control of our energy sources and there is nothing else important right now for Nigeria to do more than that.
“So, it is for this reason that we are already in partnership with NCDMB and Waltersmith. We have talks in a very advanced stage of the financing agreement to support the growth and development of modular refineries in general and Waltersmith in particular.
“We are very open and committed to supporting modular refineries. If we can support modular refineries more, we will be able to manage inflation better and, of course, the physical pressure in terms of all the noise around the minimum wage may be reduced.
“And so for us, our engagement is strategic in this critical sector of the economy.”
Also speaking, the minister advocated the existence of more active modular refineries in the country, stressing that such would help to address energy, oil, and gas problems.
Lokpobiri said the Federal Government is willing to support active modular refineries with funding and other necessary assistance to encourage maximum production.
“My duty as the Minister of Petroleum Resources is to ensure that we have enough supply of refined petroleum products for the consumption of Nigerians. The shortest way of solving our energy problems is to invest in and support modular refineries. And as a government, we will do whatever we can to support them,” he said.
Chairman and Co-founder of Waltersmith Group of Companies, Abdulrazaq Isa, said the target of Walter Smith was to industrialize the South-east and the country in general.
