Waltersmith Petroman Oil Limited has achieved a major milestone in Nigeria's pursuit of energy self-sufficiency by successfully expanding its refinery capacity to 10,000 barrels per day (bpd). This development is expected to bolster domestic refining capabilities and reduce the nation's reliance on imported fuel. The announcement came during an official inspection visit by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Content Development and Monitoring Board (NCDMB) to the company's Phase 2 facility in Ibigwe.
Project Financing and Future Plans
The expansion project is supported by a combination of private and institutional financing, including backing from the Africa Finance Corporation (AFC) and the Bank of Industry (BoI). This underscores the increasing viability of public-private partnerships in executing large-scale energy infrastructure projects. Looking ahead, Waltersmith plans to further expand its footprint beyond refining with the development of the Waltersmith Industrial and Innovation Park, a Free Trade Zone anchored on gas-to-power infrastructure. This initiative is expected to attract petrochemical and manufacturing investments, aligning with Nigeria's “Decade of Gas” agenda and broader industrialization goals.
Inspection and Regulatory Compliance
The delegation, led by NMDPRA's Authority Chief Executive, Saidu Mohammed, along with representatives from the NCDMB, assessed the operational readiness of the upgraded facility. The Phase 2 expansion effectively doubles Waltersmith's refining capacity from 5,000 to 10,000 bpd, positioning the company as a key player in Nigeria's domestic refining drive. Mohammed commended Waltersmith, stating that the company's achievement is no small feat. “This is a powerful demonstration that Nigerians have both the capability and responsibility to take charge of the midstream sector, which is the true engine room of our economy,” he said. The ACE also highlighted the company's compliance with the Petroleum Industry Act (PIA) 2021 and praised its operational standards.
Chairman of Waltersmith, Abdulrazaq Isa, noted that the expansion reflects the company's technical discipline and alignment with national energy policy objectives, while maintaining regulatory compliance, particularly with NMDPRA standards. “We are moving Nigeria beyond an extractive oil economy to one focused on value creation. By refining locally, integrating upstream resources, and building an industrial hub, we are laying a sustainable foundation for long-term economic growth,” Isa said. He emphasized that the upgraded facility introduces an expanded product slate, including Premium Motor Spirit (PMS) and Aviation Turbine Kerosene (ATK), which is expected to improve supply reliability across Nigeria's transportation and aviation sectors, while advancing the shift from crude export dependence to value addition.
Regulatory Approval and Partnership with NCDMB
Isa further revealed that regulatory approval for full operations is nearing completion, with the inspection serving as a final assessment before the issuance of a Licence to Operate (LTO) for Phase 2. “As we enter this next phase, our continued collaboration with the Authority is critical. We are not just building a refinery; we are building a self-sustaining industrial city that contributes meaningfully to Nigeria's energy security and regional economic development,” Isa concluded.
A key feature of the project is Waltersmith's partnership with the NCDMB, which holds a 30 per cent equity stake in the refinery. The Director of Legal Services at NCDMB, Dr. Naboth Onyesoh, who represented the Executive Secretary, conveyed the Board's delight at the success of the Waltersmith modular refinery. He described the firm as a model in local content implementation, particularly in direct and indirect job creation, capital retention, industrialization, import substitution, and value addition to crude oil and gas resources. “Our partnership with Waltersmith underscores the power of collaboration in driving local content development. This investment has not only catalyzed a scalable refining operation but has also created substantial jobs for Nigerians and strengthened our collective capacity to reduce dependence on imports while improving national living standards,” he said.
