REVIVING LOCAL CONTENT INITIATIVE FOR EFFECTIVE CRUDE OIL REFINING: THE WAY FORWARD FOR A VIABLE TECHNICAL AND SOCIO-ECONOMIC TRANSFORMATION OF NIGERIA
Abstract
ABSTRACT
Over the past three decades, the energy industry has experienced significant changes in resource availability, petropolitics, and technological advancements dictated by the changing quality of refinery feedstock. However, the dependence on fossil fuels as a primary energy source has remained unchanged. Advancements made in exploration, production, and refining technologies now allow for the utilization of resources that might have been considered unsuitable in the middle decades of the twentieth century.
This project details the exploration and implementation of "Reviving Local Content Initiative" aimed at enhancing the efficiency, sustainability, and cost-effectiveness of crude oil refining processes. The project recognizes the dependence of imported refined products and the refining industry depending on imported specialized materials and chemicals, contributing to significant operational expenses and vulnerability to global supply chain disruptions. This initiative focuses on identifying, characterizing, and deploying locally sourced materials as potential replacements or augmentations for critical components used in refining processes in conjunction with turning local refining into a structured, sustainable industry which could unlock inclusive growth, promote regional stability, and accelerate Nigeria’s broader economic diversification.
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