The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has revealed that an arrangement is being made to enable the Dangote Refinery to sell refined crude to Nigeria in Naira when it commences production.
This disclosure was made by Emefiele during an inspection tour of the sites of Dangote Refinery, Petrochemicals Complex Fertiliser Plant and Subsea Gas Pipeline project at Ibeju-Lekki, Lagos.
The take-off of the much anticipated $15 billion refinery is expected to help Nigeria save about 41% of its foreign exchange that is being expended on the importation of refined petroleum products.
Emefiele also said that the first shipment of Urea from the Dangote Fertiliser Plant would begin in March to help boost agriculture in the country.
According to the apex bank’s governor, “Based on agreement and discussions with the Nigerian National Petroleum Corporation, (NNPC) and the oil companies, the Dangote Refinery can buy its crude in naira, refine it, and produce it for Nigerians’ use in Naira. That is the element where foreign exchange is saved for the country becomes very clear.
Emefiele expressed his confidence 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.