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Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually - Politics - Nairaland

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Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by prof2007: 7:17am On Jun 05
Central Bank Governor, Godwin Emefiele, has said the country will save about $3bn from petroleum imports annually when Dangote Refinery is fully operational. He said latest records show petroleum products took about 25% of imports.

Emefiele spoke when he paid a visit to inspect Dangote Refinery and Petrochemical Company in Ibeju-Lekki, Lagos, on Friday. Some banks chief executives were also part of the visit. During the visit, Dangote Fertilizer Limited disclosed the formal commencement of production of Urea in commercial quantity and plan to hit the Nigerian market on Monday.

The CBN governor said the bank was introducing initiatives to support indigenous producers to stimulate local production and preserve forex in the country. He added, “Imagine if this refinery comes to life, hopefully by first quarter of next year, where we have propylene, polyethylene, granules and other by-products from petrochemicals, we will be saving about $3bn worth of import annually.

“For me, that is extremely gratifying. Don’t forget that I keep asking what is the contribution of import to our GDP? Contribution of import to GDP is negative, and if we can reduce our import by about $3bn annually, imagine how our GDP will be growing. That is the science behind what we are doing. Reduce imports and produce things we can make locally and consume locally thereby promoting solid import substitution.”

Emefiele said Nigeria had the potential to export at least 3.5m metric tonnes urea to different parts of the world. He said, “Nigeria needs between 1 to 1.5m metric tonnes Urea to meet local demand. So, we have potential to export at least 3 to 4m metrics tonnes Urea to different parts of the world. With this latest development, Nigeria now ranks among leading countries in Urea production in the world. This, for me is a story no one would have believed will happen in Nigeria.”

Emefiele said the commissioning of the petrochemical and refinery plant would kick off by the end of the first quarter of 2022. Speaking on behalf of the bankers, Group Managing Director of Access Bank Plc, Mr Herbert Wigwe, expressed joy for the support they gave to Dangote to create a world class manufacturing enterprise in Nigeria.

President, Dangote Group, Aliko Dangote, appreciated the Nigerian banks for believing in his dreams and supporting his initiatives. He said, “This Phase 1 of the project, which is estimated to cost $2.5bn, is to manufacture 3mmtpa of urea per annum. This capacity will later be expanded to produce multi grades of fertilisers to meet soil, crop and climate specific requirements for the African continent.”
https://punchng.com/nigeria-to-save-3bn-from-petroleum-imports-annually-emefiele/

7 Likes 1 Share

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by tamonokare: 7:18am On Jun 05
Are we supposed to celebrate this news ? Now that Nigeria is not saving $3B annually from petroleum imports , the people are suffering. When Nigeria will start saving that money the people will still be suffering. Even if Dangote build refinery in every state the people will still suffer. Nigeria suffering be like the biblical hellfire suffering wey no get expiry date. Young Nigerians dey leave the country in droves to go become slaves for Europe and America in the name of hustling.

Meanwhile,

Twitter delete post
Facebook delete post
But na only twitter hand touch

I no call anybody name oo.

17 Likes 2 Shares

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by Grace001: 7:18am On Jun 05
Really
Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by Simplyleo: 7:18am On Jun 05
God bless PMB
God bless PYO
God bless BAT
God bless Dangote.

Save the dollar flight through local refineries.

Imagine, some criminals now steal onions for survival. undecided

14 Likes 3 Shares

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by chatinent(m): 7:20am On Jun 05
Yawns

1 Like 1 Share

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by channelstravel: 7:35am On Jun 05
Emefiele the weak guy at CBN. Very docile.

8 Likes 1 Share

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by frankmoney(m): 7:35am On Jun 05
When will it be operational ?

1 Like 1 Share

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by inoki247: 7:36am On Jun 05
Audio Savings...


After the savings u still dey colet loan...

3 Likes 1 Share

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by yetybabyazeez: 7:36am On Jun 05
Na so

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by pennyseo: 7:36am On Jun 05


We will, we shall, we will soon. When will you guys ever be serious

2 Likes 1 Share

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by Nezzjnr: 7:36am On Jun 05
Please shut the Bleep and tell your Boss to retire to Daura

We need our country back

3 Likes

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by blinking001(m): 7:37am On Jun 05
The sight of this news has filled my heart with gladness. Slow and steady wins the race my people. I know some people are not happy with this news. We know them grin

6 Likes 1 Share

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by kingzjay(m): 7:37am On Jun 05
Bunch of liars.... Headed by a brainless dullard in AsoRock.

This country is a complete mess

3 Likes

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by Beancounter93(m): 7:38am On Jun 05
Let's hope that things get better

But for things to work well...subsidy has to go too...and NNPC has to be privatised.

3 Likes

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by pheelhip(m): 7:38am On Jun 05
Wetin concern CBN Gov. With petroleum

2 Likes

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by Thinktwicemybro: 7:38am On Jun 05
These bank CEOs keep on giving loans to the rich without collateral.

1 Like 1 Share

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by FalseProphet1(m): 7:38am On Jun 05
Dear Seun Osewa, now that the president of UAR has banned Nigerians from accessing twitter, don't you think it will be wise to create a nairaland app where millions of Nigerians can troop in to continue our madness there?
I see the Nairaland team ignoring this advice.

This I have seen.

1 Like

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by Monaco2(m): 7:38am On Jun 05
Make all of una getat las las d money go land for one account for Switzerland

2 Likes

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by hakeem4(m): 7:38am On Jun 05
Just save us from this buhari regime that’s all we want.
Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by Wiseandtrue(f): 7:38am On Jun 05
Where are those ones saved before

Brought untold hardship to the masses over savings that's not even reflecting in their lives

Mtcheeeew

1 Like

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by Beancounter93(m): 7:38am On Jun 05
pheelhip:
Wetin concern CBN Gov. With petroleum

CBN releases the dollars for NNPC to import petroleum....

1 Like

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by Lincoln275(m): 7:38am On Jun 05
Nothing you will not see in this UAR

1 Like

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by obedugo(m): 7:39am On Jun 05
Lies upon lies

1 Like

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by JubrinElSudan: 7:39am On Jun 05
Meffy grin His portfolio ranges from CBN governor to minister of Agriculture, Defence and now Petroleum

2 Likes

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by karzyharsky(m): 7:39am On Jun 05
How
Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by LearnEasy(m): 7:40am On Jun 05
Really...

When a nation is banking on one man to save a sector.

2 Likes

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by MEGA4BILLION(m): 7:40am On Jun 05
Ant of Africa
Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by Farki: 7:41am On Jun 05
Wow, great, imagine the amount we would save if all the non functional refineries were working or even shut down
Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by princeade86(m): 7:41am On Jun 05
History will not forget buhari

1 Like

Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by Sultty(m): 7:41am On Jun 05
that's nice
I hope it will solve d high price of fuel 0 or is this their latest scam
Re: Emefiele: Nigeria To Save $3 Billion From Petroleum Imports Annually by drealcivilceno: 7:42am On Jun 05
channelstravel:
Emefiele the weak guy at CBN. Very docile.

If e no dey there, anoda fool will take over... Is that what you want?

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