Governor Monday Okpebholo’s policy drive, reforms, friendly, conducive and secured environment has continued to woo, motivate and attract more investors to choose the State as an investment destination and they are more confident of return on investment.
The focused and determination of the Okpebholo led administration to grow and develop the State’s economy is yielding positive results with tangible gains in several sectors as Investors confidence is growing daily with multi-million dollars investment coming into the State.
The latest arrival of such investment is that of the Nigeria National Petroleum Cooperation (NNPC) limited, and the organization has signified its interest, determination and commitment to partner with the Okpebholo led administration to establish a refinery in Edo State.
Oredo and Orhionmwon local government areas are the location chosen for this huge investment following the availability of gas and crude in the locality as the 10,000 BPD capacity refinery that will be established will produce about 20 truckloads of petrol and 10 truckloads of diesel boosting the energy sector and benefiting Edo people.
When the refinery is completed within 24 to 36 months, it will position Edo State as a major energy and industrial hub in the South South region of the Country, reinforcing investors confidence as an investment destination in Nigeria and the sub-sahara. It also aligns with the governor’s aspiration and views to industrialize the State and also increase employment for Edo people.
Gov. Monday Okpebholo received the NNPC team who paid him a courtesy visit in his office in Government House, Benin City and were led by the Executive Vice President of NNPC limited Downstream investment Services Alhaji Mumuni Dagazau.
Other members of the team include Chief Downstream investment officer Mr. Ikedichi Dick-Nwoke, Senior Business Analyst to Exec. VP Mrs Valentino, Mr. Ikhumetse, Mr. George Kalu, Mr. Omobayo Omotosho and Seyi Orimoloye of the Corporate Communications Department NNPC limited.
Addressing Gov Okpebholo on the reasons for their visits, Alhaji Dagazau thanked the governor for receiving them assuring the Edo State government that NNPC is committed in partnering with the government in bringing a condensate refinery to the State.
Alhaji Dagazau described the condensate refinery as a sustainable project aimed not only at revenue generation but also at job creation, industrial growth, and the overall development of Edo State.
According to him “I know the project is long awaited following our several meetings. We are working to ensure that it’s a long time sustainable project. The project we are looking at is not just in terms of revenue but the long-term values it will bring to the State especially in the chain of the oil and gas industry.
“Our commitment is based on what you are doing in Edo State. We have confidence in your developmental stride and you are a counterpart on the path of progress”.
Speaking on the projects overview and strategic context, Chief Downstream investment officer Mr. Ikedichi Dick-Nwoke, said the project is looking more viable with the extra work done by the team internally to re-validate the project.
He noted that the project is a 10,000 barrel per day (bpd) condensate refinery as it will be utilizing the gas plant already owned by NNPC. “On average, this refinery will give us an excess of 20 trucks of premium motor spirit (PMS) and 10 trucks of Automotive Gas Oil (AGO) which will be sold into the immediate location.
“It’s a small refinery but cides products into its immediate environment and assured of more product security for the State as against products coming from outside the State”.
Speaking on the strategic importance of the refinery to the State, Dick-Nwoke said it will position Edo State as a major energy and industrial hub in the South-South region as it reinforces investors confidence through government and NNPC collaboration as a prime investment destination. He added that the projects align with Governor Okpebholo’s aspiration and views of industrialisation and employment agenda.
“We recognize governor Monday Okpebholo’s leadership in fostering a conducive investment climate. We thank the governor for his administration’s consistent support to the NNPC which is culminating in this project”.
Furthermore, Dick-Nwoke said Oredo and Oben are the benefiting areas where the refinery will be located and it will create 400 direct and indirect skilled jobs during the construction which will last within 24 to 36 months.
“The Edo State government’s proposed five percent participation under a Land-for-Equity arrangement accepted in principle. Engagement is ongoing to finalize equity participation and governance structure.
“400 direct and indirect skilled jobs per refinery will be created during the construction. Improved commercial activities such as local patronage in hoteling, food and other essential commodities, improved domestic petroleum product supply upon operations and enhanced Foreign Direct Investment (FDI) inflows into Edo State”.
In conclusion, Dick-Nwoke said the key support required is the issuance of Certificates of Occupancy (CofO)which is already at an advanced stage and reaffirms the commitment of the NNPC management to timely project delivery. We are working with a timeline of 24 to 36 months.
Gov Okpebholo who was surrounded by top government officials in the oil and gas sector in the State expressed the readiness of his administration to collaborate with the management team from NNPC in ensuring the refinery projects come into reality in the State.
The Governor who received the NNPC team described the investment as a reflection of President Bola Ahmed Tinubu’s “Renewed Hope Agenda.”
He emphasized that the refinery would create jobs, reduce poverty, and strengthen the state’s industrial base. He assured the NNPC team of his administration’s full support to ensure the success of the project.
“We are delighted to welcome this major investment to Edo State. My administration is committed to creating jobs and reducing poverty, in line with the renewed hope agenda of President Bola Ahmed Tinubu. This is a huge step for Edo, and we are proud to be part of it,” the governor said.
Gov Okpebholo added that the state government would provide land, Certificates of Occupancy (C of O), security, and all other necessary logistics to facilitate the project. “Security will not be an issue. We are committed to protecting investments and ensuring Edo State remains safe for business. Our political will is fully behind this initiative,” Governor Okpebholo said.
This is a cheering news for Edo people as they expect more of such development in the State which will ensure growth, development and stability leading to an improved standards of living for Edo citizens.
