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Modular Refinery Critical Infrastructure Investment in Nigeria: a strategic project planning assessment

DOI: https://doi.org/10.69798/02262728

Authors

Ibikunle Ogundari

ibikhunle_ogundari@oauife.edu.ng

 African Institute for Science Policy and Innovation, Obafemi Awolowo University, Ile Ife

Abstract

This study examined strategic project parameters for a modular refinery critical infrastructure investment in Nigeria. Technological and project economic data for the modular refinery alternative were obtained and the Technology Foresight Analysis (TFA) methodology was used. The results indicated total oil energy consumption from 2019–30 to be 13.55 Quadrillion BTU. The selected 30,000 barrel/day modular refinery plant (MRP) had estimated costs of N159.59 billion, throughput of 7.2 million barrels/year and requiring 30 acres of land for construction. Initial investment was N 193.87 billion, with estimated annual net profits of N 70.62 billion. Profitability indices showed Net Present Values of N 3,022 billion, payback period of 2 years 9 months, and Annual Return on Investment of 36.4%. The study concluded that the modular refinery infrastructure investment in Nigeria was technically and economically viable, and recommended its implementation. 


Suggested citation

Ibikunle Ogundari (2024). Modular Refinery Critical Infrastructure Investment in Nigeria: a strategic project planning assessment African Journal of Science Policy and Innovation Management, 2(1). https://doi.org/10.69798/02262728


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  • Issue

    Vol. 2 No. 1 (2024): African Journal of Science Policy and Innovation Management

  • Published

    07-10-24

  • Keywords

    Modular refinery Critical infrastructure Technology foresight analysis (TFA) Project planning and management Strategic project assessment Infrastructure investment Nigeria.