Close Menu
Simply Invest Asia
  • Home
  • Industries
  • Investment
  • Money
  • Precious Metals
  • Property
  • Stock & Shares
  • Trading
What's Hot

Forex Rates | Live Forex Rates | Cross Currency Pairs | FX Rate

March 7, 2026

Oil is set to hit $100 a barrel in days and even reach $150, experts say as crucial Strait of Hormuz remains shut to tankers and US says war could continue for six weeks

March 7, 2026

gold price prediction: Why are gold and silver prices rising now, and will precious metals begin their dream run again or continue to be volatile? Gold and silver jump, analysts insights and market outlook explained

March 7, 2026
Facebook X (Twitter) Instagram
Trending
  • Forex Rates | Live Forex Rates | Cross Currency Pairs | FX Rate
  • Oil is set to hit $100 a barrel in days and even reach $150, experts say as crucial Strait of Hormuz remains shut to tankers and US says war could continue for six weeks
  • gold price prediction: Why are gold and silver prices rising now, and will precious metals begin their dream run again or continue to be volatile? Gold and silver jump, analysts insights and market outlook explained
  • Utilities Down, But not by Much, on Defensive Bias – Utilities Roundup
  • Municipal bonds offer a rare opportunity as yields climb, says Nuveen’s Dan Close
  • Better Stock to Buy Right Now: Royal Caribbean vs. Viking Holdings
  • Building society launches new ‘competitive’ savings account with 4% interest | Personal Finance | Finance
  • Income Tax Impact of Selling Precious Metals and Numismatics
Facebook X (Twitter) Instagram YouTube
Simply Invest Asia
  • Home
  • Industries
  • Investment
  • Money
  • Precious Metals
  • Property
  • Stock & Shares
  • Trading
Simply Invest Asia
Home»Industries»Reps Committee Declares Dangote, Modular Refineries Strategic National Assets
Industries

Reps Committee Declares Dangote, Modular Refineries Strategic National Assets

By LucasOctober 21, 20254 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


The House of Representatives Committee on Petroleum Resources (Downstream) has declared the Dangote Refinery and other modular refineries across Nigeria as assets of strategic national interest, urging all stakeholders to unite in protecting and promoting them as catalysts for national growth.

Committee chairman, Hon. Ikenga Imo Ugochinyere, made the declaration on Monday in Abuja, emphasising that the operations of indigenous refineries have placed Nigeria on a new path of industrial expansion and energy independence.

“The Dangote Refinery and these other modular refineries are assets of strategic national interest. With their giant strides, Nigeria proudly boasts of expanding refining capacity and industrial growth across the energy value chain today,” Ugochinyere said.

Highlighting major developments in the downstream sector, the lawmaker noted that the 650,000 barrels-per-day Dangote Refinery stands as Africa’s largest, redefining Nigeria’s refining landscape and boosting regional energy stability.

He also pointed to Indorama Petrochemicals, which has expanded its urea and fertilizer capacity to 2.8 million metric tonnes per annum, as a key driver of agricultural advancement and gas utilisation.

Similarly, he cited the Waltersmith Modular Refinery in Imo State, which is expanding from 5,000 to 50,000 barrels per day, alongside OPAC Refinery in Delta State and other emerging projects in Edo and Rivers States, as shining examples of indigenous innovation and enterprise.

“These developments, supported by over $13 billion in new upstream investments in 2024 alone, are clear signals of renewed investor confidence in Nigeria’s energy sector,” he added.

Ugochinyere commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for enforcing the Domestic Crude Oil Supply Obligation (DCSO), which mandates that local refineries receive guaranteed crude feedstock before any export allocations.

“This bold move ensures that local refineries, including modular and conventional operators, have guaranteed access to crude feedstock before export allocations are made,” he said.

“It represents a decisive shift from policy rhetoric to practical support for local value addition, job creation, and energy independence.”

He said the new policy marks a turning point in Nigeria’s pursuit of energy self-sufficiency, ensuring that “every barrel of Nigerian crude first serves the Nigerian refinery.”

“The House Committee on Downstream Petroleum Resources fully supports this policy, which aligns with our legislative vision to prioritize domestic refining capacity, enhance supply security, and strengthen the naira through reduced import dependence,” Ugochinyere affirmed.

The committee chairman also announced plans to pursue new legislative measures aimed at deepening local refining capacity and removing regulatory bottlene that’s fine
According to him, the House Committee will: grant local refineries first right of refusal on crude allocations, streamline regulations to eliminate unnecessary delays, develope a “Refinery Protection and Promotion Bill” to classify refineries as strategic national assets, ensuring they receive priority protection and support and introduce measures that guarantee unhindered access to crude feedstock and prevent disruptions to refinery operations nationwide.

“These steps are vital to sustaining investor confidence, creating jobs, and strengthening our energy independence,” Ugochinyere noted.

Addressing recent labour tensions involving the Dangote Refinery and sector unions, Ugochinyere said while industrial disagreements are not unusual, they must be resolved through dialogue rather than disruption.

“No reform can succeed without industrial harmony,” he warned.

“We therefore call upon both labour unions and industry operators to always pursue dialogue over disruptions at all times. The House Committee stands ready to facilitate peace, fairness, and mutual respect in all industrial engagements.”

He added that the shared goal of all stakeholders must be to protect jobs, sustain businesses, and promote Nigeria’s economic sovereignty.

“To all operators in the downstream sector, let me emphasize that responsibility stands equal to profitability,” the lawmaker said.

Ugochinyere’s remarks came amid growing optimism within Nigeria’s oil and gas industry, as renewed local refining efforts and policy reforms begin to reshape the nation’s energy architecture.



Source link

Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email

Related Posts

Oil is set to hit $100 a barrel in days and even reach $150, experts say as crucial Strait of Hormuz remains shut to tankers and US says war could continue for six weeks

March 7, 2026

Invoking emergency powers, India asks oil refiners to ramp up LPG output

March 7, 2026

UK Lords warn of AI impact on creative industries

March 7, 2026
Leave A Reply Cancel Reply

Our Picks

Are you guilty of financial infidelity? TRACEY COX reveals the money secrets that destroy relationships – and the spending habits you CAN get away with

November 27, 2025

HD Hyundai Rallies After Huntington Ingalls Pact

October 27, 2025

Dudley cabinet under fire for savings ‘cuts’ to council services that could impact ‘most vulnerable’ locals

November 9, 2025

The Key To Manufacturing And Industrial Uptime

October 11, 2025
Don't Miss

Forex Rates | Live Forex Rates | Cross Currency Pairs | FX Rate

By LucasMarch 7, 2026

Welcome to our Live Forex Rates section – Here you will find live prices for…

Oil is set to hit $100 a barrel in days and even reach $150, experts say as crucial Strait of Hormuz remains shut to tankers and US says war could continue for six weeks

March 7, 2026

gold price prediction: Why are gold and silver prices rising now, and will precious metals begin their dream run again or continue to be volatile? Gold and silver jump, analysts insights and market outlook explained

March 7, 2026

Utilities Down, But not by Much, on Defensive Bias – Utilities Roundup

March 7, 2026
Our Picks

Rs 2 Crore Loss In Options Trading: 30-Year-Old Salaried Professional Seeks Way Out After Massive Losses | Savings and Investments News

January 19, 2026

Is Alphabet Stock Going to $1,000?

March 6, 2026

What’s behind rising insurance premiums? Surging advertising costs, for one

November 18, 2025
Weekly Pick's

Idaho murderer Bryan Kohberger is being sent money by STRANGERS while behind bars… despite claiming he can’t pay victims’ families

November 4, 2025

Rachel Buscall | Award-Winning CEO of New Capital Link & Alternative Investment Expert – London Business News

February 11, 2026

Peter Pru Launches Option Sellers School and the Ark Options Strategy to Redefine Options Education for Everyday Investors

October 23, 2025
Monthly Featured

Crow Industries’ unmanned vehicles catch military’s attention

November 4, 2025

Silver rate today: COMEX silver crashes 10%; is it the beginning of a big fall after the Hunt Brothers-like rally?

February 5, 2026

Rockwell Automation Plans a New 1 Million-Square-Foot Greenfield Manufacturing Site in Wisconsin

November 18, 2025
Facebook X (Twitter) Instagram Pinterest
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
© 2026 Simply Invest Asia.

Type above and press Enter to search. Press Esc to cancel.