Leading Edo state manufacturers, such as Dufil Prima Foods, Edo Refinery, and Don Mac Limited, have obtained pioneer status incentives to boost their investments in the state.
These investments, valued at over N205 billion, are a result of reforms implemented by Governor Godwin Obaseki’s administration.
The development comes after the Edo state government-backed Edo modular refinery began production at its 6,000bpd plant in Ologbo, Ikpoba Okha local government area last year
The facility, with its feedstock, can produce 50% diesel (500,000 litres), 25% naphtha (300,000 litres), and 20% Low-Pour Fuel Oil (LPFO) (200,000 litres).
Over the past seven years, the Obaseki-led administration has implemented a strong investment promotion strategy that has drawn several manufacturing companies to the state, increasing productivity and broadening the state’s industrial base.
ThisDay reported that the Nigerian Investment Promotion Commission (NIPC) provided the manufacturers with incentives to take advantage of waivers to grow their businesses.
Six Edo state enterprises were included on the longlist of businesses with active applications in an announcement on the Pioneer Status Incentives Application for Quarter One, January to March, 2024.
NIPC stated:
Dufil Prima Foods Plc was the most recent application to be approved, and approval was granted for a three-year term beginning on January 1, 2024, and ending on December 31, 2026.
TimesNow.com.ng had reported that Decklar Resources Inc. and its partner, Millennium Oil & Gas Company Limited, operators of the Oza Oil Field, disclosed they have delivered 75,500 barrels of crude to two modular refineries in Edo state.
The facilities are the Edo Refinery and Petrochemical Company (ERPC) in Ologbo, Ikpoba Okha local government area, and the Duport Midstream Company Limited (DMCL) facility in Egbokor, Orhionmwon LGA in the state.
According to Decklar Resources’ chief executive officer, Sanmi Famuyide, the deliveries are part of the deals with the two oil facilities for the supply of crude for refining.
The refinery was financed through the provision of an investment guarantee by Obaseki’s government, which made way for the construction of the refining facility, opening up the petroleum refining sub-sector in the state.
TimesNow.com.ng also reported that Port Harcourt Refining Company Limited would begin test-running after receiving the crude oil supply from the Nigerian National Petroleum Company Limited (NNPCL).
Oil marketers, who confirmed the development to Punch, said the plant would supply refined Premium Motor Spirit (petrol), Automotive Gas Oil (diesel), and other products.
They said the products would be distributed to 12 states, including Abia, Rivers, Akwa Ibom, and Delta.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
