The Governor of the Central Bank of Nigeria, Godwin Emefiele, says Dangote Refinery will reduce Nigeria’s import bill on petroleum products and other commodities by 40 per cent.

He said this during an interview at the International Monetary Fund meeting in Washington Dc, United States on Thursday.

Emefiele said, “With Dangote Refinery coming up with the 650,000 barrel per day, hopefully by the end of the year, that will reduce the demand for foreign exchange that normally will go for the importation of petroleum products.

“I have also said that between the importation of refined petroleum products and other products like rice, sugar and wheat, we spend close to about 40 per cent of the foreign exchange that is needed to fund imports into Nigeria.



“And if we find, for instance, a situation whereby around the end of this year, we no longer need foreign exchange to import petroleum product, rice or maize, I believe that the demand will drop.

“And as the demand drops, I believe that whatever supply we have is able to match the demand; and then we can see a stable exchange rate.”

He also said the country would continue to restrict access to foreign exchange for import goods that could be produced locally.


Emefiele said, “But at the same time, while you are adjusting price you must also do something about supply and demand. That is the reason we are saying that we need to do something on the demand side, to make sure we restrict foreign exchange access for those things we can produce locally.”

“When that happens, it means that the demand for foreign exchange will reduce, and when the demand for foreign exchange reduces, ultimately you will find that price will not rise beyond the expectation of Nigerians.”

While noting that Nigeria is on a managed flow exchange rate management system, the CBN governor said the country could not adopt a free-flow exchange rate system that is being proposed.

He said, “We have been at this since 1986, whereas, we are also doing something to adjust the currency.

“For instance, between 2015 and now, you will observe that we have adjusted the currency from about N155/dollar to about N410/dollar, N420/dollar, that it is today.

“So we cannot be accused of not adjusting the currency. We are trying to adopt a very gradual approach towards adjusting the price to the level that it is today.”

Emefiele also said the country had done a number of interventions in agriculture, and stopped the import of rice and maize.


https://punchng.com/dangote-refineryll-reduce-import-bill-by-40-emefiele/

The impact of dangote refinery on forex will be humongous, demand for dollar will drop by about 50% and more dollars will come via export of refined products.

I hope bua refinery is coming on board soon same as other modular refineries

When is Emefiele declaring for the presidency?

Abi his rumoured ambition na audio?

Nigeria be moving in good direction

nzeobi:
The impact of dangote refinery on forex will be humongous, demand for dollar will drop by about 50% and more dollars will come via export of refined products.

I hope bua refinery is coming on board soon same as other modular refineries

You're on point.

I hope the next president retain emefiele..... he may have his flaws but benefit of doubt till this refinery starts working

BestLife22:
Nigeria be moving in good direction

Nigeria will always move inna haphazard direction....

They finally dump the national refinery.

I no longer blame those who faults Dangote's wealth.

Two things the government do in favor of Dangote's.

1. Frustrate competing private businesses.
2. Abandon national cooperation in the interest of Dangote.

One reason for this, is the massive shareholding by government officials in Dangote's enterprises. Of course, his enterprise is probably use as a front for money laundering.

Let Dangote show interest in establishing a steel plant, and see how the government abandon every foreign contract they have been engaging to fix it; not like something will even come out of those contract.

I see everything is calculated, mainly to dose off public put cry and input false assurances in the heart of the citizens, while choking on the nation's treasury.

40 percent of what ? Nigeria does not and cannot consume 100 million litres a day

princemillla:
I hope the next president retain emefiele..... he may have his flaws but benefit of doubt till this refinery starts working

Just because of his statement, you don fall

Dangote refineries will improve our forex, less demand on foreign currenciea and expose subsidy fraud.
I hope dangote will not monopolize the market.

We were importers of rice,fertiliser and cement.
When Dangote and other cement producers came on stream,making Nigeria 100% self sufficient in cement,there was no improvement in the exchange rate as expected.
Ditto,fertiliser and rice whose importation was forced.Rather than improve it,the exchange rate became worse.
I maybe a cynic and I hope I am wrong about this,but I don't see an improvement in the exchange rate as envisaged when Dangote starts producing fuel.
Historical economics has shown that for all the noise about self sufficiency with Dangote factories,his acclaimed self sufficiency in different products,has neither improved the exchange rate nor seen to reduction in domestic prices of ALL his products.
Asides being due to monopoly he enjoys,something about the business model and practices of Dangote doesn't just seem to reflect in standard market determined effects on prices and exchange rate.

nzeobi:
The impact of dangote refinery on forex will be humongous, demand for dollar will drop by about 50% and more dollars will come via export of refined products.

I hope bua refinery is coming on board soon same as other modular refineries

On paper, your take is fantastic. But Dangote is not working for Nigeria, Dangote is working for himself and himself alone.. As we have seen with his investments in the cement industry, he's more of a shylock who won't stop at nothing, until he milks the poorest buyer of his prodct. Dangote is not interested in saving enough foreign exchange for Nigeria or in attracting enough forex, he's just angling to outdo Elon Musk.. His ambitions are personal, maybe clannish, but surely not national..

Rugaria:

On paper, your take is fantastic. But Dangote is not working for Nigeria, Dangote is working for himself and himself alone.. As we have seen with his investments in the cement industry, he's more of a shylock who won't stop at nothing, until he milks the poorest buyer of his prodct. Dangote is not interested in saving enough foreign exchange for Nigeria or in attracting enough forex, he's just angling to outdo Elon Musk.. His ambitions are personal, maybe clannish, but surely not national..

Will he keep the dollars at home or at the bank.
Will he sell refined products to us in naira or in dollars?

NOwazobia:
They finally dump the national refinery.

I no longer blame those who faults Dangote's wealth.

Two things the government do in favor of Dangote's.

1. Frustrate competing private businesses.
2. Abandon national cooperation in the interest of Dangote.

One reason for this, is the massive shareholding by government officials in Dangote's enterprises. Of course, his enterprise is probably use as a front for money laundering.

Let Dangote show interest in establishing a steel plant, and see how the government abandon every foreign contract they have been engaging to fix it; not like something will even come out of those contract.

I see everything is calculated, mainly to dose off public put cry and input false assurances in the heart of the citizens, while choking on the nation's treasury.

The Government will eventually sell off the refineries.

nzeobi:


Will he keep the dollars at home or at the bank.
Will he sell refined products to us in naira or in dollars?

He will sell to us in Naira.

nzeobi:


Will he keep the dollars at home or at the bank.
Will he sell refined products to us in naira or in dollars?

Most of the exports from that company will be in offshore transactions with the "booty" kept offshore as usual from the prying eyes of both real and imaginary enemies at home..., unless the government of the day deliberately makes a law forcing to do otherwise as is the case in China..
Is he banking locally that much?

How many of the final product will he even sell to Nigeria since they have this argument that petroleum products sell more within the neighboring countries than here?

Rugaria:


Most of the exports from that company will be in offshore transactions with the "booty" kept offshore as usual from the prying eyes of both real and imaginary enemies at home..., unless the government of the day deliberately makes a law forcing to do otherwise as is the case in China..
Is he banking locally that much?

How many of the final product will he even sell to Nigeria since they have this argument that petroleum products sell more within the neighboring countries than here?

Answer in YES or NO before you start explaining

nzeobi:


Answer in YES or NO before you start explaining

Is that so?!
Are you an Army General?

The south west governors through Odua Investment should buy a 25% stake in this refinery.

WesternOligarch:
The south west governors through Odua Investment should buy a 25% stake in this refinery.

Keep projecting on others resources. If Niger Delta agitators turn off the tap that pumps the crude from the Eastern coast,You will then have to buy 25% of your Cocoa refinery instead..

Parachoko:
The Governor of the Central Bank of Nigeria, Godwin Emefiele, says Dangote Refinery will reduce Nigeria’s import bill on petroleum products and other commodities by 40 per cent.

He said this during an interview at the International Monetary Fund meeting in Washington Dc, United States on Thursday.

Emefiele said, “With Dangote Refinery coming up with the 650,000 barrel per day, hopefully by the end of the year, that will reduce the demand for foreign exchange that normally will go for the importation of petroleum products.

“I have also said that between the importation of refined petroleum products and other products like rice, sugar and wheat, we spend close to about 40 per cent of the foreign exchange that is needed to fund imports into Nigeria.



“And if we find, for instance, a situation whereby around the end of this year, we no longer need foreign exchange to import petroleum product, rice or maize, I believe that the demand will drop.

“And as the demand drops, I believe that whatever supply we have is able to match the demand; and then we can see a stable exchange rate.”

He also said the country would continue to restrict access to foreign exchange for import goods that could be produced locally.


Emefiele said, “But at the same time, while you are adjusting price you must also do something about supply and demand. That is the reason we are saying that we need to do something on the demand side, to make sure we restrict foreign exchange access for those things we can produce locally.”

“When that happens, it means that the demand for foreign exchange will reduce, and when the demand for foreign exchange reduces, ultimately you will find that price will not rise beyond the expectation of Nigerians.”

While noting that Nigeria is on a managed flow exchange rate management system, the CBN governor said the country could not adopt a free-flow exchange rate system that is being proposed.

He said, “We have been at this since 1986, whereas, we are also doing something to adjust the currency.

“For instance, between 2015 and now, you will observe that we have adjusted the currency from about N155/dollar to about N410/dollar, N420/dollar, that it is today.

“So we cannot be accused of not adjusting the currency. We are trying to adopt a very gradual approach towards adjusting the price to the level that it is today.”

Emefiele also said the country had done a number of interventions in agriculture, and stopped the import of rice and maize.


https://punchng.com/dangote-refineryll-reduce-import-bill-by-40-emefiele/

Stop posting this same news all over again like we're deaf.
My cousin that work there said that refinery will be ready in 2014, but here we go with Nigeria corruption, they will hurriedly do fake commission just to please baba Buhari.

dadavivo:


Stop posting this same news all over again like we're deaf.
My cousin that work there said that refinery will be ready in 2014, but here we go with Nigeria corruption, they will hurriedly do fake commission just to please baba Buhari.

Carry your fraustrated life comot my front boy. I didn't force you to click on the topic.

WesternOligarch:
The south west governors through Odua Investment should buy a 25% stake in this refinery.

Nigeria as a whole can't even afford to secure 25%, talkless of Igboho and his people

Parachoko:
Carry your fraustrated life comot my front boy. I didn't force you to click on the topic.

Stop posting old news, if you're frustrated go and sleep

Rugaria:

Keep projecting on others resources. If Niger Delta agitators turn off the tap that pumps the crude from the Eastern coast,You will then have to buy 25% of your Cocoa refinery instead..

Nyamiri subhuman, let the Niger Delta agitators worry about their crude.....focus on the erosion waste land you call your region.

dadavivo:


Stop posting old news, if you're frustrated go and sleep

I wander why lowlifes like you love lying

You do not have a cousin working there

In September 2013 Dangote announced the refinery will be built in Olokola free trade zone in Ondo State. But work never started in 2013, neither did work start on the project in 2014 because he had an issue with the Ondo State and Ogun State Government and the project didn't take off at all

But here you are, telling us your cousin working on the project said it will be completed in 2014

dadavivo:



My cousin that work there said that refinery will be ready in 2014,

Work started on the Dangote Refinery in 2016,

You're just a useless lowlife

I wander what lowlifes like you gain in lying