Baring any unforeseen developments in the local and international economy, the 200,000 barrels per day BUA Petroleum Refinery will commence full commercial operation in 2024, after a groundbreaking ceremony billed for May this year.
Giving graphic details on the economics of Nigeria’s second largest petroleum refining complex in Lagos at the weekend, Executive Chairman of BUA Group, Abdul Samad Rabiu, said the project was initiated against the backdrop of the huge amount of foreign exchange the nation spends importing refined petroleum products into the country.
Rabiu who defended the sustainability of his Group’s investment in the various sectors of the economy, said the refinery project will meet the government’s economic diversification agenda in the long run, as new fuel standards continue to evolve in line with the climate crisis.
He said the project is being constructed with the best of technology from Axens of France rated as one of the best in the world in petroleum refining industry and would enable the nation save huge amounts of foreign exchange in addition to creating thousands of jobs for the citizens.
“ Nigeria consumes over 50million liters of fuel daily and over 90 of that is imported with about 35 percent of the country’s scarce foreign currency spent on imported products. This, coupled with low crude prices due to low demand arising from the Coronavirus pandemic offers us huge opportunity to invest in projects that would help us conserve more funds, leveraging the low cost technology being deployed by Axens of France offering us far lower cost than what it should be.” He said
Rabiu further noted that the refinery’s complete marine infrastructure and nearness to its feedstock will enable it save more on haulage, as it targets local, regional and other land -locked markets in Africa, bolstered by its unique location and opportunities emerging from the AfCFTA.
According to him, the economics of the project are a ‘no-brainer’.
Contract for the construction of the refinery was signed in Paris between BUA Group Chairman Abdulsamad Rabiu, and the CEO of Axens, Jean Sentenac, in a ceremony presided over by France’s Minister Delegate for Foreign Trade and Economic Attractiveness, Franck Riester. While calling on the Federal Government to improve the nation’s operating environment through liberalization of cement production to enable more manufacturers take advantage of the new Africa Continental Free Trade Agreement (AfCFTA), to export more to an estimated 1.3billion people across the continent, Rabiu said the continental economic bloc remained a critical strategy to develop the nation’s manufacturing sector currently in comatose.

We need more of this. Only the forex saved from the exportation and importation of crude oil and refined products are highly beneficial to the country's economy.

One year?,this one na science fiction.

It's not possible to a build a refinery for just a year and I stand to be corrected though.

It will be great if we have more refineries in Nigeria to boost our economy.

BUA - Muslim north
Dangote - muslim north

But what dangote is doing to.BUA's business is very pitiable. He wants to run the guy out of business by all means.

Greedy people don't know any brother, they only care about their pockets. He is my brother!! he is from my tribe !! are chants of ignorant illiterates.

Wait...they just signed the contract and he is saying it will be ready in 2024?

Nigeria was exporting 2 million barrels per day of Crude oil until APC came into government and started exploration in the deserts and Lagos State instead of developing more wells and drilling new wells in the Niger Delta to compensate for drying ones. Bringing Ethmocetrism and Tribalism into the source of the national wealth was the downfall of Buhari's government. We now export 1.1 million barrels.

Anything that will improve the life of the common Nigerian is highly welcome.


###

Okoroawusa:
Wait...they just signed the contract and he is saying it will be ready in 2024?

No. It was proposed in 2020

Early construction have already started.

Is it the one sited in Akwa Ibom State??

Zionmdde:
BUA - Muslim north
Dangote - muslim north

But what dangote is doing to.BUA's business is very pitiable. He wants to run the guy out of business by all means.

Greedy people don't know any brother, they only care about their pockets. He is my brother!! he is from my tribe !! are chants of ignorant illiterates.

Many people still prefer BUA Cement for construction to Dangote's.

plumcomm:
One year?,this one na science fiction.

This refinery is in akwa ibom

Karlifate:


Many people still prefer BUA Cement for construction to Dangote's.

Bua refinery was started in 2021 in Akwa ibom

3pointsagree:


Bua refinery was started in 2021 in Akwa ibom

I'm not talking about refinery here.

The post I quote highlighted "Two Muslim Northerners engaging in the same business"

In Abuja, Kaduna etc, a lot of people still prefer BUA Cement for construction to Dangote's.

Retailers/consumers knows what best for them.

Zionmdde:
BUA - Muslim north
Dangote - muslim north

But what dangote is doing to.BUA's business is very pitiable. He wants to run the guy out of business by all means.

Greedy people don't know any brother, they only care about their pockets. He is my brother!! he is from my tribe !! are chants of ignorant illiterates.

As much as one will want to condemn Dangote, must this man enter any business Dangote puts his hands into?

If Dangote tomorrow sets up the largest pig farm in Lagos, I won't be surprised this man won't set up one in Ekiti , despite both being Muslims

MadamExcellency:
Nigeria was exporting 2 million barrels per day of Crude oil until APC came into government and started exploration in the deserts and Lagos State instead of developing more wells and drilling new wells in the Niger Delta to compensate for drying ones. Bringing Ethmocetrism and Tribalism into the source of the national wealth was the downfall of Buhari's government. We now export 1.1 million barrels.

Abeg rest! Your gra-gra too much.

Are you cursed that you ipob can not see beyond hate because that is what you were nurtured from the womb with.

Zionmdde:
BUA - Muslim north
Dangote - muslim north

But what dangote is doing to.BUA's business is very pitiable. He wants to run the guy out of business by all means.

Greedy people don't know any brother, they only care about their pockets. He is my brother!! he is from my tribe !! are chants of ignorant illiterates.

MadamExcellency:
Nigeria was exporting 2 million barrels per day of Crude oil until APC came into government and started exploration in the deserts and Lagos State instead of developing more wells and drilling new wells in the Niger Delta to compensate for drying ones. Bringing Ethmocetrism and Tribalism into the source of the national wealth was the downfall of Buhari's government. We now export 1.1 million barrels.

Waiting government no feet do for 8 years

MadamExcellency:
Nigeria was exporting 2 million barrels per day of Crude oil until APC came into government and started exploration in the deserts and Lagos State instead of developing more wells and drilling new wells in the Niger Delta to compensate for drying ones. Bringing Ethmocetrism and Tribalism into the source of the national wealth was the downfall of Buhari's government. We now export 1.1 million barrels.

Blame Buhari's incompetence.

Nigerias crude oil production sank to 1.1mbpd because Buhari cancelled the pipeline protection contract the GEJ government signed with Tompolo, Gani Adam's etc. Jonathan knew why he signed those contracts but Bubu cancelled them upon assuming office.

If companies aren't drilling in the Niger Delta, blame greedy locals such as the militants and communities who demand excessive amounts from them. That's what chased Dangote to Lagos from Rivers state. Most multinational oil companies nowadays prefer to drill offshore to escape extortion.

Zionmdde:
BUA - Muslim north
Dangote - muslim north

But what dangote is doing to.BUA's business is very pitiable. He wants to run the guy out of business by all means.

Greedy people don't know any brother, they only care about their pockets. He is my brother!! he is from my tribe !! are chants of ignorant illiterates.

What are you saying All I see here is healthy competition.

All through this gibberish,not one single mention of where this refinery is to be located.
Guess the writer of this long,substance-less epistle is waiting for that part of the dream to be revealed.

Paretomaster1:


What are you saying All I see here is healthy competition.

Yeah healthy to u
But take a trip to okpella and ask one or two questions

grandstar:


As much as one will want to condemn Dangote, must this man enter any business Dangote puts his hands into?

If Dangote tomorrow sets up the largest pig farm in Lagos, I won't be surprised this man won't set up one in Ekiti , despite both being Muslims

Am not against dangote too. But we should see his business from the angle of strictly profitability and not seeing him as the savior of the country.
Moreover whatever privileges accorded to him should also extend to every Nigerian seeking to run a business

Karlifate:


Many people still prefer BUA Cement for construction to Dangote's.

I get. But aside the prices Dangote is choking his competitors

Zionmdde:

I get. But aside the prices Dangote is choking his competitors

Credits to favorable Government policies.

One of the reasons why people should build solid networks of good relationships.

He's proactive with that. So, how won't he record more excellence.

Karlifate:


Credits to favorable Government policies.

One of the reasons why people should build solid networks of good relationships.

He's proactive with that.

And how does that benefit the masses
So for me to succeed I be into politics? Or how should a common man build the network again.
So we can't have a country that a nobody can become somebody without knowing anybody?

Dangote buys forex at almost half the price a common man buys it

Zionmdde:

And how does that benefit the masses
So for me to succeed I be into politics? Or how should a common man build the network again.
So we can't have a country that a nobody can become somebody without knowing anybody?

Dangote buys forex at almost half the price a common man buys it

Life is cruel. Make sure you succeed against all odds.

Else, your descendants will cuss you, same way you're blaming your ancestors.

Zionmdde:

Am not against dangote too. But we should see his business from the angle of strictly profitability and not seeing him as the savior of the country.
Moreover whatever privileges accorded to him should also extend to every Nigerian seeking to run a business

how many Nigerians are seeking the opportunity, we don't know .

The steel industry is vacant nobody want to invest there untill Dangote comes to take the risk.They will start saying he is accorded another privilege better than others

Will all these refinery reduce the price fuel?

Watcharena:
how many Nigerians are seeking the opportunity, we don't know .

The steel industry is vacant nobody want to invest there untill Dangote comes to take the risk.They will start saying he is accorded another privilege better than others

Lies!!!
Can you go to CBN with your production business and get forex at official rate? Thinking you can is a huge ignorance. We have Designed the same system for 2 different persons. When it was time to narrow down to costs, one will be paying more than double the other person is paying all because of long legs

If u are a researcher, this is the same case with BUA and dangote. It's a society where the law is never on a level ground.

Karlifate:


Life is cruel. Make sure you succeed against all odds.

Else, your descendants will cuss you, same way you're blaming your ancestors.

Am not blaming anybody. But I stand with the masses. My kids won't even have any business with this messed up system

True

Karlifate:


I'm not talking about refinery here.

The post I quote highlighted "Two Muslim Northerners engaging in the same business"

In Abuja, Kaduna etc, a lot of people still prefer BUA Cement for construction to Dangote's.

Retailers/consumers knows what best for them.