African Refinery Port Harcourt Limited has commended the newly inaugurated administration for eliminating the petroleum subsidy.
In a statement, the Chief Executive Officer of African Refinery, Mr Omotayo Adebajo, urged Nigerians to exhibit patience during the initial hardships resulting from the subsidy removal.
He emphasised the importance of supporting the President’s strategic decision, which, in his view, should have been implemented earlier.
Despite acknowledging the increased pump prices, he noted that the President’s subsidy removal would ultimately enhance local refinery capacity investment.
Additionally, the removal would immediately allocate funds for high-impact projects that would benefit a significant majority of Nigerians.
He called on the President to prioritise and continue supporting local refinery projects, building upon the previous government’s investments in African Refinery’s Port Harcourt project and the Dangote Refinery in Lagos.
Adebajo noted that these projects were critical to Nigeria’s drive to stop the importation of fuel and guarantee energy security and can only succeed with the continued support of the Federal Government.
The ARPHL’s chief executive announced that its refinery project, scheduled to be completed during the new administration’s tenure, would greatly boost local production of refined petroleum products.
He said, “This project aims to ensure a competitive market with multiple producers spread across different regions in the country. ARPHL anticipates that this initiative, along with similar projects, would ultimately establish Nigeria as a net exporter of petroleum and petrochemical products and commodities.”
According to the statement, ARPHL had begun ‘Front-End Engineering Design’, a vital step towards making the refinery project a reality.
In June 2023, a team of foreign experts and consultants would arrive in Nigeria for surveys and meetings with partners and industry stakeholders.
“The company firmly believes that this courageous move serves as a crucial initial stride towards a brighter and more prosperous future for our nation,” the statement said.