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‘Nigeria’s Downstream Sector Can Generate $5bn Revenue Annually’

Nigeria’s downstream sector of the petroleum industry generates $5billion revenue annually, the Chief Executive Officer of Enyo Retail and Supply Limited, Outlet, Abayomi Awobokun, has said.

Awobokun, who disclosed this at the company’s maiden press conference in Lagos, lamented that upon its revenue profile the nation’s downstream has not witnessed the real change and progress to catapult it to enviable heights.

Enyo launched its presence in the downstream sector two years ago and hitherto has 56 service stations and 17 ongoing ones as part of its strategic moves to change the narrative in the sector.

Besides, Awobokun said the company has invested N8billion and leaving no stone unturned to drive its operation with technology, innovation and training which would see it garnering encouraging market share in fuel distribution in the country.

He said: “Technology driven innovation is already driving profoundly positive changes in almost all facets of our lives; we aim to set the pace for the innovation in the fuels retailing space.

“We believe customers can benefit from the additional value created as a result of our efforts. We will contribute in no small way to the technology driven growth of the downstream industry in Nigeria.

“Our customers can be rest assured that whichever ENYO station they visit, they will get quality fuel products at the right quantity and at the right price. We are pleased that our customers already refer to our stations using the term, their litre is always a litre.”

We intend to build on this by continue to invest in training and equipment for all our business locations”.

He revealed the company’s rapid expansion plans across the country as it acquires new retail stations to provide Nigerians with trusted fuel and other quality petroleum products and services.

He further stated that ENYO’s acquisitions of new retail stations is part of its expansion plans – to provide Nigerians with trusted fuel and other quality petroleum products and services.

“We are entering into a contractual agreement with key dealers across the country to fast track rapid acquisition of stations. We believe that having stations at strategic locations will help us drive our commitment to the provision of quality fuel and petroleum products.” he added.