The Central Bank Governor, Godwin Emefiele has established that Nigeria’s import of petroleum products using 30% of its forex can be reversed by the successful commencement of operations at the Dangote Refinery.
Emefiele made this known during a foreign investors’ meeting held in New York while answering a number of questions raised by foreign investors.
The questions hovered around Nigeria’s foreign exchange reserves, exchange rate, balance of payments and the country’s increasing foreign debts.
The CBN Governor stated that the commencement of the Dangote refinery will be a major saver of foreign exchange for Nigeria, while also insisting that Nigerians will benefit greatly from the project.
He said, “The Dangote refinery once it begins production would be a major FX saving source for Nigeria.
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