₦airaland Forum

-40% of the pressure on forex in Nigeria is for the importation of refined petroleum products

- Dangote currently refines enough products to meet domestic consumption and to spare.

- If Nigeria stops imports of refined petroleum products, the pressure on our forex will be reduced by as much as 40%. It will also help to reduce the terrible deficit in our balance of trade. Leading to the massive appreciation of the Naira. This is not rocket science.

- A barrel of crude oil currently sells for about $80 per barrel. With the exchange rate hovering around N1,700 to a Dollar. When pressure is reduced on our forex as a result of an end to imports of refined products, the Naira can appreciate to about N1000 to a USD. That means refineries in Nigeria will need less Naira to buy each barrel of Crude oil. This will lead to a drop in pump prices and inflation.

- Unfortunately, NNPC not only continues to issue licences to companies to import refined petroleum products, its policies also make it very difficult for Dangote refinery and other Nigerian refineries to buy crude locally thereby forcing them to import crude. What a shame.

- what baffles me most is when I see fellow Nigerians supporting actions like these, thinking they are harming Dangote. When in fact we are missing an opportunity to salvage whatever is left of Nigeria's fragile economy.

tiniubu the block head does not understand this one. he still wants his son's and friends business in fuel importation.to.thrive

The issue we are having with NNPC and Dangote is purely business.

Let the business men sort themselves out. The country is not in any way affected

Let us be serious in this Country for once

Salewa97:
The issue we are having with NNPC and Dangote is purely business.

Let the business men sort themselves out. The country is not in any way affected

i disagree with you. This has to do with imports and export, crude oil, energy costs etc. Whatever they do will have an effect on the economy.

This thread is purely based on hate and bitterness towards Dangote. Unfortunately, that no dey put food for anyone's table

Shadomaan7:
This thread is purely based on hate and bitterness towards Dangote. Unfortunately, that no dey put food for anyone's table

pls read the post again. I am speaking against the NNPC for taking actions that are detrimental and harmful to Nigeria's economy. They should stop the imports of refined petroleum products into Nigeria and provide Nigerian refineries (including Dangote) with locally produced Crude Oil and see how the economy will be boosted.

We are not supporting NNPC over Dangote. We are supporting NNPC over Dangote.

trutharena:
We are not supporting NNPC over Dangote. We are supporting NNPC over Dangote.

we need to be serious in this country for once.

This is very insightful. Thank you for sharing