Nigeria is seeking to enhance its struggling oil production infrastructure by partnering with South Korea to construct several oil refineries across the country.
For many years, Nigeria has relied heavily on imported petroleum products, but the situation is changing with the emergence of the Dangote refinery.
Under the new partnership, a group of South Korean investors will build four refineries, each with a production capacity of 100,000 barrels per day. This initiative aims to reduce Nigeria’s dependence on imports and strengthen its domestic oil production capabilities.
Heineken Lokpobiri, the Minister of State for Petroleum Resources, announced the agreement on Tuesday during a summit hosted by the Crude Oil Refineries Owners Association of Nigeria in Lagos. He emphasized that the government is actively encouraging investment in local refineries.
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“We are inviting investors to establish limited refineries in Nigeria and have approved a consortium of South Korean investors to set up four refineries, each capable of producing 100,000 barrels daily,” he stated.
The minister also highlighted that the government is adopting a public-private partnership model to attract investment in the midstream and downstream oil sectors, which will facilitate the establishment of both modular and large-scale refineries.
The current administration is open to equity investments in new refineries as part of its strategy to ensure energy security in Nigeria.
