Nigeria’s refining capacity could rise to 2.64 million barrels per day by the end of 2030 as 24 refinery projects advance through various stages of development, according to a new report from Industrial Info Resources, which tracks $10.74 billion worth of modular refinery capital spending scheduled for completion between 2026 and 2030.

The report said Nigeria’s pipeline of 24 grassroots refinery projects puts it well ahead of other countries tracked globally, with the United States next at 11 projects and Iraq fourth with eight. Industrial Info Resources said the buildout is intended to reverse Nigeria’s decades-long reliance on exporting crude while importing refined products, instead enabling more crude to be processed domestically.

IIR Vice President of Energy Intelligence Hillary Stevenson said Nigeria currently has 732,000 barrels a day of operational refining capacity, with most of the projected increase expected to come from modular refinery projects coming online over the next several years.

Source: punchng.com