Gasoline Associates International Limited (GAIL), under the leadership of Chairman and CEO Lukman Akande Bolaji, is spearheading a massive refinery project in Ipokia, Ogun State, which promises to reshape Nigeria’s petroleum sector. The refinery will start operations with a capacity of 100,000 barrels of crude oil per day but is designed to escalate to a whopping 450,000 barrels per day—making it the country’s second-largest refining facility after the Dangote Refinery.
The refinery is expected to produce a wide array of petroleum products including Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Liquefied Petroleum Gas (LPG), Jet Fuel (ATK), and various petrochemical derivatives. These outputs aim to meet both domestic demand and contribute to export supply, alleviating Nigeria’s heavy dependence on imported refined fuel products.
One of the motivations behind the project is to reduce foreign exchange losses from importing refined petroleum. With the new plant in Ogun State, the hope is that Nigeria can save significantly, restore some level of fuel self-sufficiency, and ensure more stable supply and pricing in its energy markets.
Bolaji brings to the table more than two decades of experience across sectors such as IT, energy, banking, academia, and international consulting. His global exposure—having held roles that connect Nigeria with markets like China, the United States, and the United Kingdom—adds credibility to the refinery’s ambitious scale.
The project has already drawn the attention of both local and international stakeholders. Ogun State is being positioned as an emergent industrial hub, and the refinery is expected to help strengthen West Africa’s energy resilience. Investors are reportedly keeping a close eye on the venture as Nigeria’s refining landscape undergoes rapid expansion.
This initiative aligns with broader federal government policy. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has recently issued licences for multiple modular refineries. Meanwhile, the ongoing development of the Dangote Refinery and its planned capacity upgrades further reflect the government’s broader aim of enhancing refining capacity across the country.
If successful, GAIL’s plant will not only play a critical role in Nigeria’s quest for fuel self-reliance but could also stimulate job creation, infrastructure development, and ancillary industries in Ogun State and beyond. It marks a significant step toward reshaping Nigeria’s petroleum future.
