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IPMAN tasks FG on modular refinery investment

The Independent Petroleum Marketer Association of Nigeria (IPMAN), South-West Chapter, has urged the Federal Government to encourage investors to invest in the nation’s modular refinery…

The Independent Petroleum Marketer Association of Nigeria (IPMAN), South-West Chapter, has urged the Federal Government to encourage investors to invest in the nation’s modular refinery to boost economic growth.

Its South-West Zonal Chairman, Alhaji Debo Ahmed, on Monday told the News Agency of Nigeria (NAN) in Lagos, that unless government makes the processes less cumbersome, it would be difficult to attract investors.

According to him, government should make the acquisition of licences timely and also ensure infrastructure development as well as security of assets.

“Government should also provide additional incentives to investors to facilitate the establishment of modular refineries in the country.

“`Incentives in the form of tax reliefs, customs and excise duties, value added tax waivers and accelerated capital allowances will help to boost investments in the refining space,’’ he said.

Ahmed said that investing in modular refineries would also serve as a way to end fuel scarcity.

He said that the modular refineries could help to address any shortfall in fuel supply pending when additional refineries would be built.

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