$15bn Dangote Refinery Pose To Sell Refined Crude To Nigeria FG in Naira

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, says arrangement is being made to enable the Dangote Refinery sell refined crude to Nigeria in naira when it commences production.

 Emefiele also disclosed that the first shipment of Urea from the Dangote Fertilizer Plant would begin in March to help boost agriculture in the country.

Emefiele made the disclosure on Saturday during an inspection tour of the sites of Dangote Refinery, Petrochemicals Complex Fertilizer Plant and Subsea Gas Pipeline projects at Ibeju Lekki, Lagos. 

The CBN governor noted that the 15 billion dollar projects being constructed by the Dangote Group would save Nigeria from expending about 41 per cent of its foreign exchange on importation of petroleum products. 

Emefiele said: ”Based on agreement and discussions with the Nigerian National Petroleum Corporation and the oil companies, the Dangote Refinery can buy its crude in naira, refine it, and produce it for Nigerians’ use in naira.

Source: Vanguard News Nigeria