Godwin Emefiele: Dangote refinery to sell refined products to Nigeria in naira
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| Dangote Refinery should buy it's products in naira, refine it, and bring it for Nigerians’ use in naira |
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, stated on Saturday arrangement is being made to permit the Dangote Refinery to sell refined products to Nigeria in naira while it will become operational.
Emefiele, who disclosed this at some point of an inspection tour of Dangote Refinery, Petrochemicals Complex Fertiliser Plant and Subsea Gas Pipeline projects within the Ibeju-Lekki region of Lagos, stated the primary cargo of Urea from the fertiliser plant might start in March to assist improve agriculture within the country.
He introduced that the project might save Nigeria from expending approximately forty one percentage of its forex on importation of petroleum products.
Emefiele stated: "Based on settlement and discussions with the Nigerian National Petroleum Corporation (NNPC) and the oil companies, the Dangote Refinery should buy it's products in naira, refine it, and bring it for Nigerians’ use in naira."
"We also are very confident that through refining this product right here in Nigeria, all of the fees related to both demurrage from import and expenses related to freight can be completely eliminated."
"This will make the rate of our petroleum products inexpensive in naira."
"If we're fortunate that what the refinery produces is greater than we want locally, you may see Nigerian businessmen purchasing for small vessels to take them to our West African neighbours to sell in naira."
"This will rise the price of naira and assist to push it into the Economic Community of West African States as a currency."
The CBN governor expressed confidence that the refinery might be finished through the primary zone of 2022, pronouncing this will quit the difficulty of petrol subsidy within the country.