Nigeria's refining sector has disclosed plans for tremendous growth, with the country mapping out strategies to increase its refining capacity to 2.64 million barrels per day (bpd) by the end of 2030 with the construction of 24 new refineries.
The projection comes from Industrial Info Resources (IIR), which stated that continued investments in both new and existing refining facilities have the potential to transform Nigeria's downstream oil sector and diminish the country's long-standing dependency on imported petroleum products.
Per the report as seen on the Punch newspaper, Nigeria currently has 24 new refinery projects under development, the most of any nation the research organization has examined.
These projects are intended to place Nigeria far ahead of other significant refining markets, such as the United States and Iran, which each have 11 planned refineries, if they are finished by 2031. China has five projects, and Iraq has eight.
Nigeria will be the world's top destination for new refinery building between 2026 and 2030, with an estimated $10.74 billion invested in modular refinery developments around the country, according to Industrial Info Resources.
