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Former president, Olusegun Obasanjo, has described the $1 billion Azikel Refinery in Bayelsa State as a major milestone in Nigeria’s industrial development, urging its sponsors and financiers to sustain their commitment to completing the project.
Obasanjo spoke during the symbolic erection of the refinery’s Crude Distillation Unit (CDU) at the project site in Obunagha community, Yenagoa Local Government Area.
He commended the President of Azikel Group, Dr. Azibapu Eruani, for his vision, entrepreneurial courage and investment in indigenous petroleum refining, expressing satisfaction with the transformation of the site since he laid the foundation for the complex eight years ago.
The former president also applauded the African Export-Import Bank (Afreximbank) and Africa Finance Corporation (AFC) for their financial support, urging continued cooperation among the sponsors, financiers, engineers and contractors to bring the refinery into operation.
Upon completion, the refinery is designed to produce 2.5 million litres of Premium Motor Spirit (PMS), commonly known as petrol, and two million litres of Automotive Gas Oil (AGO), or diesel, daily, alongside other refined petroleum products.
Governor Douye Diri described the project as an industrial revolution for the state and the Niger Delta, saying it represented a shift from reliance on crude oil extraction towards local processing, value addition and greater industrial participation.
He commended Eruani and the Azikel Group for the investment, noting its potential to create jobs, develop technical skills and diversify the economy. He encouraged Bayelsa youths to prepare for the opportunities the refinery would offer.
Eruani said the project would expand Nigeria’s domestic refining capacity, strengthen petroleum product supply and stimulate investment in engineering, logistics, transportation and other industrial services.
He explained that the CDU was a principal component of the refinery’s processing infrastructure, separating crude oil into fractions for further processing into marketable petroleum products.
“Its symbolic erection represents a significant construction milestone, marking the completion phase of the refinery construction.”
Eruani thanked Obasanjo for returning to the site eight years after participating in the foundation-laying ceremony, saying the project was conceived to help transform the Niger Delta from a region primarily associated with crude oil production and export into a centre of petroleum refining and industrial value creation.
Reaffirming Azikel Group’s commitment to completing the refinery, Eruani thanked President Bola Tinubu for supporting the project and strengthening Nigeria’s energy security.
He also acknowledged the contributions of Diri, the Bayelsa State Government, Afreximbank, AFC, technical partners, contractors and engineering teams.
