Supporting Local Refineries Will Reduce Dependency On Importation, Stimulate Economic Growth- Lokpobiri

As Nigerians continue to grapple with long queues and biting fuel scarcity, the Federal Government of Nigeria has disclosed that supporting local refineries is required for increased crude production, enhancing domestic refining capacity, reducing dependency on imported refined products, and stimulating economic growth.

This is as the government pledged to collaborate with the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN and provide the required support for local refineries in the country.

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The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri made the pledge at the 2024 PENGASSAN Energy and Labour Summit in Abuja on Wednesday.

The three-day summit, the third edition of the association’s annual summit, has the theme “The Future of Nigeria’s Oil and Gas Industry: Energy Mix, Energy Security, Artificial Intelligence, Divestment, and Crude Oil Theft. ”

“Supporting local refineries will enhance domestic refining capacity, reduce dependency on imported refined products, and stimulate economic growth.

“The Federal Government remains determined to ensure that local refineries thrive by creating and promoting a conducive environment for potential investors.

“Having operational refineries within the country is crucial for our economic growth and energy security,” he said.

The minister, who described the summit’s theme as strategic and timely, called for collective efforts to build more investment in the industry and guarantee energy security