– NCDMB Invests in Nigerian Refinery Expansion
– Boosting Local Content in Oil and Gas
– Enhancing Nigeria’s Refining Capacity
The Nigerian Content Development and Monitoring Board (NCDMB) has acquired a 20% equity stake in the 100,000 barrels per day (BPD) African Refinery Port Harcourt Limited (ARPHL) project. This investment aligns with NCDMB’s mandate to support local businesses and enhance Nigeria’s refining capacity.
The refinery, co-located with the Port Harcourt Refining Company in Rivers State, is a collaboration between African Refinery Group Ltd and the Nigerian National Petroleum Company (NNPC) Limited, which holds a 15% stake. The project aims to reduce Nigeria’s dependence on imported petroleum products and create jobs in the oil and gas sector. NCDMB’s investment will help drive government policies on local content development while adding value to Nigeria’s hydrocarbon resources. The refinery is expected to contribute significantly to meeting domestic fuel demand and stabilizing the local petroleum market.
This initiative underscores the government’s commitment to strengthening Nigeria’s oil and gas industry, supporting economic growth, and promoting self-sufficiency in petroleum refining.
