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The much awaited policy move on petroleum refining in Africa’s biggest economy has come. Decades of dependence on imported refined products has taken a huge toll on Nigeria’seconomy. It technically moved Nigerian jobs abroad, put enormous pressure on the Nigerian naira due to foreign exchange and promoted corruption through subsidies,while encouraging product smuggling into neighboring West African Countries.
In late May, Nigeria’s Department of Petroleum Resources (DPR) carried out a series of workshops to promote a new policy that encouraged investment in modular refining in Nigeria. This is indeed a good investment window that holds economic,social and developmental value for Nigeria and potential investors. However,mini refining holds a tricky margin, which calls for themost skilled and surgical approach in order to guarantee profitability.
The following is an analysis of some of the essential considerations of mini-refining in the context of Nigeria’s business environment.