Table of Contents
- Announcement of New Refinery
- Investor Engagement
- Role of the Private Sector
- Physical Planning Policies
The Lagos State Government has announced that discussions are in progress for the establishment of a second privately owned refinery in the state.
This announcement was made by the Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Abiodun Olumide, during the Economic Roundtable organized by the Economic Intelligence Department of the Ministry of Economic Planning and Budget, which took place at the Protea Hotel, Alausa, Ikeja.
According to Olumide, Lagos continues to attract significant industrial and petrochemical investments, with private entities now seeking opportunities beyond the existing Dangote Refinery.
He highlighted that preliminary discussions have already begun with a new investor interested in establishing another refinery, emphasizing that the private sector is crucial for driving large-scale projects throughout the state.
“These initiatives should fundamentally be driven by the private sector. The government cannot undertake every project, and there are viable opportunities for investors to pursue.
“Our development plans are sufficiently broad to encourage private participation. The achievements of Dangote in Lagos are evident, and now another investor is preparing to enter the market. Soon, the refinery will have a competitor. Discussions about establishing an additional private refinery are already underway,” he stated.
Olumide further noted that Lagos’ physical planning policies are deliberately designed to support major capital-intensive developments, particularly those that can generate jobs, enhance the energy sector, and expand the state’s industrial capacity.
Frequently Asked Questions
What is the purpose of the new refinery in Lagos?
The new refinery aims to enhance the state's industrial capacity, create jobs, and strengthen the energy sector by increasing competition in the market.
Who is leading the discussions for the new refinery?
The discussions are being led by Dr. Oluyinka Abiodun Olumide, the Commissioner for Physical Planning and Urban Development in Lagos State.
How does the government view private sector involvement?
The government recognizes the importance of private sector involvement in driving large-scale projects and has designed development plans to encourage such participation.
Eze Chidiebere Paul
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