Nigeria’s refining ambitions continue to gain momentum as the 200,000 b/d BUA refinery and petrochemicals complex in Akwa Ibom State is reportedly over 70% complete.
The update was shared by Destiny Young, Special Assistant on New Media to the Akwa Ibom State Governor, in a LinkedIn post reviewed by The Bavijas Club on Thursday, 30 October 2025.
The $3.5bn facility is being developed by BUA Group, one of Nigeria’s leading industrial conglomerates, in partnership with France-based Axens, which is providing the refining technology.
The refinery is sited in Ibeno within the Liberty Free Trade Zone, which has witnessed increased investor interest over the past five years.
“With 70% of the project completed, it aims to reduce Nigeria’s dependence on imported fuels, strengthen energy security, and drive economic growth nationwide,” Young stated.
He added that the project is financed through a combination of international bank loans and equity contributions from BUA and its partners.
Has BUA confirmed progress?
BUA Group has not yet issued a formal statement confirming the 70% completion milestone.
The last public comment from the company came in January, when it refuted media reports claiming the refinery was 90% complete.
At the time, BUA said the project was “progressing steadily” but did not specify its exact stage.
Local sources have told Bavijas that construction activity remains robust, citing the steady flow of trucks delivering materials to the site as evidence of ongoing work.
The exact timeline when the project when the construction work is expected to be completed is not immediately clear.
What you should know
The BUA refinery is strategically positioned near onshore and shallow water oil and gas assets operated by Seplat Energy and Savannah Energy, which could serve as feedstock sources.
Once operational, the plant will produce Euro-V standard gasoline, diesel, jet fuel, and polypropylene. Export routes are also being considered to support exports.
Upon completion, the BUA refinery will join the ranks of Nigeria’s expanding domestic refining capacity, standing alongside the Lagos-based Dangote refinery.
The Dangote plant, currently at 650,000 b/d, is undergoing an upgrade to reach 700,000 b/d by late 2025 or early 2026.
Aliko Dangote, Chairman of Dangote Group, recently announced plans to double its capacity to 1.4m b/d over the next three years.
The rise of these mega-refineries signals a shift in Nigeria’s energy landscape, even as NNPC begins formal technical assessment of moribund state-owned refineries with the hope of bringing them back online.