BUA Group has reaffirmed plans to complete its proposed 200,000 barrels-per-day refinery and petrochemicals complex in Akwa Ibom State within a construction timeline of three to four years, with the facility expected to strengthen Nigeria’s domestic refining capacity and reduce dependence on imported petroleum products.
The company announced the milestone following the signing of a progress acknowledgement agreement with French engineering company Axens, which will provide key technologies, engineering services, catalysts and technical support for the project.
The planned refinery will process crude oil into Euro-V specification fuels, including petrol, diesel and aviation fuel, while also producing polypropylene, a critical raw material for plastics and packaging manufacturing. Brandspur Brand News reports that the integrated facility is designed to serve both Nigeria and regional export markets once operational.
According to the company, Akwa Ibom was selected as the project location because of its proximity to crude oil resources and access to export routes across West and Central Africa, factors expected to improve operational efficiency and reduce logistics costs.
BUA said the investment aligns with its broader strategy of expanding local industrial capacity by developing projects that utilise locally available raw materials while supporting Nigeria’s drive towards increased energy security and industrialisation.
The refinery is also expected to reduce the cost associated with exporting crude oil for refining abroad before importing finished petroleum products back into the country, a longstanding challenge for Africa’s largest oil producer.
The project has attracted international backing, with French authorities expressing support for deeper commercial collaboration between France and Nigeria. French President Emmanuel Macron, through the country’s Minister for Foreign Trade and Attractiveness, acknowledged the progress of the refinery project and reaffirmed France’s commitment to supporting development-focused investments in Nigeria.
Once completed, the refinery is expected to become one of Nigeria’s major privately owned refining facilities, expanding domestic fuel production, strengthening petrochemical manufacturing and contributing to the country’s long-term industrial growth.
