Nigeria may be on the path to becoming self-sufficient in the production of petroleum products, as the Federal Government expects to increase the country’s refining capacity from 445,000 barrels per day to 2.62 million barrels per day. To achieve this, the Department of Petroleum Resources (DPR), has granted licences to 22 private firms to establish refineries, which are expected to produce 1.97 million barrels per day in the short, medium and long period. If these refineries come on stream, the country is expected to save over $15 billion yearly from the importation of petroleum products, create jobs and meet the needs of industrial firms, which depend on by-products from refineries. Already, nine companies have submitted bids for co-location of new refineries within the complexes of Nigeria’s three existing refineries in Kaduna, Warri and Port Harcourt, which are expected to increase the nation’s refining capacity from 445,000 barrels per day […]