Waltersmith Petroman Oil Limited announced on Monday that its Phase 2 refinery at Ibigwe, Imo State, has been expanded to a total capacity of 10,000 barrels per day (bpd), doubling the output of the original plant. The upgrade was inspected by a delegation from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Content Development and Monitoring Board (NCDMB), who evaluated the facility’s operational readiness ahead of the issuance of a Licence to Operate for full commercial use.
The NMDPRA team, led by Authority Chief Executive Engineer Saidu Mohammed, and representatives of the NCDMB examined the upgraded unit, which now processes 5,000 bpd in addition to the existing capacity. The expansion introduces a broader product slate that includes Premium Motor Spirit (PMS) and Aviation Turbine Kerosene (ATK), aiming to improve supply reliability for Nigeria’s transport and aviation sectors.
In statements released after the visit, Waltersmith Chairman Abdulrazaq Isa highlighted that the expansion aligns with national energy policy and demonstrates compliance with the standards established under the Petroleum Industry Act 2021. “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.
NMDPRA officials praised Waltersmith’s adherence to regulatory requirements and noted that the final assessment brings the project close to receiving its Licence to Operate. The regulator also underscored the company’s contribution to Nigeria’s goal of reducing reliance on crude exports by increasing domestic refining capacity.
The NCDMB, which holds a 30 percent equity stake in the project, reiterated its support for local‑content development. Executive Secretary Barrister Naboth Onyesoh said the partnership “has catalyzed a scalable refining operation, created substantial jobs for Nigerians and strengthened our collective capacity to reduce dependence on imports while improving living standards.”
Financing for the Phase 2 expansion combines private capital with institutional funding from the Africa Finance Corporation and the Bank of Industry, illustrating the role of blended finance in large‑scale energy infrastructure. Waltersmith also disclosed plans to develop an adjacent industrial and innovation park, a free‑trade zone anchored by gas‑to‑power infrastructure, to attract petrochemical and manufacturing firms under Nigeria’s “Decade of Gas” strategy.
The expanded refinery, once fully operational, is expected to contribute significantly to the country’s energy self‑sufficiency and to serve as a foundation for further industrial development in the region.
