KEY POINTS
- Waltersmith Petroman Oil has doubled its refining capacity from 5,000 to 10,000 barrels per day after a Phase 2 expansion.
- NMDPRA and NCDMB inspected the upgraded Ibigwe facility ahead of the issuance of a final License To Operate.
- The expanded plant will produce Premium Motor Spirit and Aviation Turbine Kerosene, easing transport and aviation supply pressures.
Abdulrazaq Isa, the chairman of Waltersmith Petroman Oil Limited, has doubled the company’s refining capacity to 10,000 barrels per day. The Phase 2 expansion at the Ibigwe facility in Imo State takes Waltersmith from a 5,000-bpd modular refiner to one of Nigeria’s larger indigenous refining operations.
Isa announced the milestone during an inspection visit to the plant by the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Content Development and Monitoring Board. The delegation assessed operational readiness ahead of a final license to operate.
A regulator on site
Saidu Mohammed, the NMDPRA’s authority chief executive, led the visit. He praised Waltersmith’s progress and framed the project as proof that Nigerian operators can take charge of the midstream sector.
“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.
Specifically, the regulator confirmed Waltersmith’s compliance with the Petroleum Industry Act 2021 and praised its operational standards. Furthermore, the visit served as a final assessment ahead of the issuance of a License To Operate for full commercial operations of Phase 2.
Isa frames a value-creation story
Indeed, Isa positioned the expansion as a deliberate move from extractive oil exports toward domestic value creation. He said the upgraded facility reflects technical discipline and aligns with national energy policy objectives, with strict adherence to NMDPRA standards.
“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,” Isa said.
Notably, the expanded plant introduces a wider product slate, including Premium Motor Spirit and Aviation Turbine Kerosene. The additions should improve supply reliability for Nigeria’s transportation and aviation sectors as the country wrestles with fuel volatility.
Additionally, the new product mix lands at a moment when domestic airlines are struggling with surging Jet A1 prices and Nigerian motorists face higher pump prices in a fully deregulated market.
NCDMB’s stake in the Waltersmith refinery expansion
Beyond the production gains, a defining feature of the Waltersmith project is its partnership with NCDMB, which holds a 30 percent equity stake. The board sees the investment as a flagship for local content development.
Naboth Onyesoh, representing the NCDMB executive secretary, said the partnership underscores the power of collaboration in driving local content. He said the investment has catalyzed scalable refining and created substantial Nigerian jobs.
“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,” Onyesoh said.
With Aliko Dangote’s 650,000-barrel-per-day refinery dominating headlines, smaller indigenous players like Waltersmith are quietly building the second tier of Nigeria’s refining base. Crucially, the doubling at Ibigwe shows that modular refining can scale, given the right partnerships and also regulatory cover. The next test is whether the new PMS and ATK volumes reach motorists and airlines fast enough to ease prices.