Nigeria: CBN Governor Says Dangote Refinery Will Sell Refined Products To FG In Naira

oil small
Share on facebook
Share on google
Share on twitter
Share on linkedin

The Central Bank of Nigeria Governor, Godwin Emefiele, said that the arrangement is being made to enable the Dangote Refinery to sell refined crude to Nigeria in naira when it commences production.

Emefiele also disclosed that the first shipment of Urea from the Dangote Fertiliser Plant will begin in March to help boost agriculture in the country.

Emefiele made the disclosure on Saturday during an inspection tour of the sites of Dangote Refinery, Petrochemicals Complex Fertiliser Plant and Subsea Gas Pipeline projects at Ibeju Lekki in Lagos state.

The Central Bank of Nigerias governor noted that the 15 billion dollar projects being constructed by the Dangote Group will save Nigeria from expending about 41 per cent of its foreign exchange on the importation of petroleum products.

He said that based on agreement and discussions with the Nigerian National Petroleum Corporation and the oil companies, the Dangote Refinery can buy its crude in naira refine it and produce it for Nigerians use in naira.

Emefiele expressed optimism that the refinery would be completed by the first quarter of 2022, adding that this would put an end to the issue of petrol subsidy in the country.

He said the CBN had given a N100 billion intervention to the projects, adding that the apex bank was ready to support Nigerian businesses set up to uplift the country economically.

Also speaking, Alhaji Aliko Dangote said that the fertiliser and petrochemicals plants were capable of generating 2.5 billion dollars annually while the refinery would serve Nigeria and other countries across the world.

He said the projects would create jobs for Nigerians and build their capacity in critical areas of the oil and gas industry.

Leave a Reply