Page 70 - SUSTAINABILITY REPORT 2020_FLIPBOOK VERSION.cdr
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SUSTAINABILITY FRAME
Our sustainability frame for our refinery strategy is predicated
on the following facts:
(i) Africa consumes 4.1million barrels per day but produces
twice that amount and has only 2 million bpd in domestic
refining capacity. Similarly, Nigeria consumes over
300,000bpd of oil but produces roughly six times that
amount and has little or no domestic refining capacity.
(ii) As a result of the above, Nigeria is forced to re-import
circa 20% of oil exported thereby losing an average of
$40-$60/barrel imported in the process.
Thus, the refinery project will save roughly $5billion annually
by building domestic refining capacity and ensuring
economic growth and stability for the nation. Additionally, the
270bcf of gas flared annually can generate up to 10,000MW
of power.
In terms of job creation and bridging the inequality gap, the
domestic refining can generate several thousands of direct
and indirect jobs.
Most importantly, it is note-worthy to mention that it would
act as Nigeria's segue into full industrialization and domestic
energy security which will set the pace for our energy
integration and transition.
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