By Bassey Udo
Nigeria’s quest to achieve sufficiency in petroleum products supply through domestic refining received a significant boost with Waltersmith Petroman Oil Limited recording a major milestone with its successful expansion of its refining capacity to 10,000 barrels per day (bpd).
The achievement was highlighted during an official inspection visit by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Content Development and Monitoring Board (NCDMB) to the company’s Phase 2 facility at Ibigwe, Imo State.
The delegation, led by NMDPRA’s Authority Chief Executive, Engr. Saidu Mohammed, alongside NCDMB
representatives, undertook the assessment of the operational readiness of the upgraded private refining facility.
The Phase 2 expansion effectively doubles Waltersmith’s refining capacity from 5,000 to 10,000 bpd, positioning the company as a key contributor to Nigeria’s domestic refining ambitions.
“What WalterSmith has accomplished is no small feat. This is a powerful demonstration that Nigerians have both the capability and responsibility to take charge of the downstream and midstream sectors of the petroleum industry which is the true engine room of our economy,” the Authority Chief Executive of NMDPRA, Engr. Saidu Mohammed, said.
Chairman of Waltersmith, Mr. Abdulrazaq Isa, said the expansion of the refining capacity of the refinery reflects both technical discipline and alignment with national energy policy objectives, while maintaining strict adherence to regulatory standards, particularly those set by the NMDPRA.
“We are moving Nigeria beyond an extractive oil economy to one focused on value creation. By refining locally, integrating upstream resources, and building an industrial hub, we are laying a sustainable foundation for long-term economic growth,” Mr. Isa said.
The upgraded facility introduces an expanded product slate, including Premium Motor Spirit (PMS) and Aviation Turbine Kerosene (ATK) expected to improve supply reliability for Nigeria’s transportation and aviation sectors, while reinforcing the broader goal of transitioning from a crude-export-dependent economy to one focused on value addition.
Regulatory approvalfor the refinery is nearing completion, with the visit serving as a final assessment ahead of the issuance of a Licence-to-Operate (LTO) for full commercial operations of Phase 2.
The NMDPRA highlighted the company’s compliance with the relevant provisions of the Petroleum Industry Act (PIA) 2021 and praised its operational standards.
A defining feature of the Waltersmith project is its partnership with the NCDMB, which holds a 30% equity stake on behalf of the Federal Government as part of the policy to promote more indigenous participation in the operatios of the petroleum industry.
“Our partnership with WalterSmith underscores the power of collaboration in driving local content development. This investment has not only catalyzed a scalable refining operation, but has also created substantial jobs for Nigerians and strengthened our collective capacity to reduce dependence on imports and improving national living standards,” representative of the NCDMB Executive Secretary, Barrister Naboth Onyesoh, said.
The project also reflects strong financial backing, combining private investment with institutional funding from the Africa Finance Corporation (AFC) and the Bank of Industry (BoI).
This blended financing approach highlights the viability of public-private partnerships in advancing large-scale energy infrastructure.
Looking forward, Waltersmith plans to expand beyond refining through the development of the Waltersmith Industrial and Innovation Park, a Free Trade Zone anchored by gas-to-power infrastructure.
The initiative aims to attract petrochemical and manufacturing companies, supporting Nigeria’s “Decade of Gas” strategy and fostering long-term industrial growth.
“As we enter this next phase, our continued collaboration with the Authority is critical. We are not just building a refinery, we are building a self-sustaining industrial city that contributes meaningfully to Nigeria’s energy security and regional economic development,” Isa said.
During the visit, the team carried out detailed inspection of the facility’s control systems and processing units, confirming the readiness of the Ibigwe complex to play a significant role in Nigeria’s evolving energy landscape.
From left (5th to 9th): The Executive Director, Hydrocarbon Processing Plants, Installation & Transportation Infrastructure, NMDPRA, Mr. Francis Ogaree,with the Authority Chief Executive, NMDPRA, Engr. Saidu Mohammed; Co-Founder/Chairman, Waltersmith Group, Mr. Abdulrazaq Isa; CEO, Waltersmith Refinery & Petrochemicals Co. Ltd, Mr. Musa Mohammed; Director, Legal Directorate, NCDMB, Barr. Naboth Onyesoh, and others during an official facility visit by NMDPRA and NCDMB to Waltersmith Refinery Phase 2 at the Ibigwe Integrated Energy Hub, Ibigwe Field, Owerri, Imo State, recently.