Waltersmith doubles refining capacity to 10,000 bpd

Waltersmith Petroman Oil Limited has marked a major milestone in Nigeria’s drive for energy self-sufficiency, announcing the successful expansion of its refinery 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 Saidu Mohammed, NMDPRA’s authority chief executive, alongside representatives of the NCDMB, assessed the operational readiness of the upgraded 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 midstream sector which is the true engine room of our economy,” Mohammed said.

Abdulrazaq Isa, chairman of Waltersmith, emphasised that the expansion 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). These additions are 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 approval 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 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 percent equity stake.

“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 while improving national living standards,” Naboth Onyesoh, representative of the NCDMB Executive Secretary, 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 concluded.

The visit concluded with a 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.