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The Independent Petroleum Marketers Association of Nigeria (IPMAN) is pursuing a credit facility to develop a $10 billion refinery in Akwa Ibom State. This decision follows price volatility caused by bulk suppliers, including Dangote Petroleum Refinery, which has adjusted prices multiple times this year. IPMAN plans to present its proposal to President Bola Ahmed Tinubu in March, aiming for project completion within a year after securing funding.