It is a big revelation: the Central Bank of Nigeria Governor blames Nigeria’s foreign exchange crisis on petroleum import. The nation spends 40% of its forex on import of the crude oil products after it has exported the crude oil for largely nothing. You sell for cents and buy back in dollars, primarily because you cannot have a working local refinery.
“On the Dangote Refinery, by the time it begins production latest July next year, it is going to be a major source to save forex for Nigeria. Right now, the overall forex we spend on imported items, the importation of petroleum products consumes close to 30 per cent.
“By the time you add diesel, aviation fuel, petrol and the rest of that which makes up the 30 per cent, the Dangote Refinery has the capacity to produce 650,000 barrels per day. There is a domestic component that is about 455,000 barrels. Even if the 455,000 is what is sold to Dangote in naira alone, it is going to be a major forex savings for Nigeria,
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“What does that mean? It is going to save five percent of our imports. If you save five per cent of your imports and another 30 per cent in petroleum products and then in fertliser where we would save about two per cent of our imports, we are moving close to saving 40 percent of the country’s imports.
“By that time, you will see what we would be doing when people talk about floating the naira, and then let’s see how the currency will depreciate,” Central Bank of Nigeria Governor
Yes, Nigeria is spending 40% of its foreign exchange on the importation of petroleum products and that is crippling the Naira. If Dangote Refinery fixes that 40% FX paralysis, Nigeria has a promise. That is essentially what the Central Bank of Nigeria is saying.
CBN Governor Blames Nigeria’s FX Crisis on Petroleum Import, Says It Gulps 40%
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Saint Aliko Dangote – interceding for Nigeria for over a decade, and the intercession is about to get larger, he remains the most important Nigerian alive.
Say what you like about the man Dangote, but if he’s not delivering Nigeria in many fronts, no one will do it, all you will keep hearing is how our environment is not favourable to investment, of course laziness is cousin to excuse.
We survived on crude oil largesse for decades, until we grew bigger in population, with improved taste of sweet things, so our desires and wants skyrocketed, without a commensurate growth in revenue sources, to keep pace with our unbridled and wanton lifestyles. From Obasanjo down to Buhari, none could fix the national refineries, and you think if you become president tomorrow you will fix them? Quash the idea, you will come up with your own excuses and explanations, there is a reason for that…
Ignorance is a bliss here, but as a Nigerian, each morning when you wake up, don’t forget to say a short prayer for Aliko Dangote, that God should keep him for us. What Dangote does will inspire serious Nigerians to work harder and help in solving our numerous problems. He has a heart of lion, his boldness remains peerless, God bless him!
It’s great to hear all that….where did he get all the money from?
Which university did he graduate from and how many degrees he had?
Who destroys all Nigeria importation on sugar and rice and why is the boarders being policed.
Who gets oil rigs after summit oil was strangulated from Abiola and where is dangote when Abiola was alive.
Who gets all the contracts of importing frozen chicken and fish …which criminalize anyone that crossed a cup of rice across boarders.
Look I can go all day and you’ll never have an answer….Now all those strangulation has no where to go but to come and destroy Lagos ecosystem with a refinery….why don’t he build it in the northern state.
Who are the managers and engineers? All Indians….Nigeria has the best engineers all over the world in petrochemical and Indians are not even close in competition.
Same Indians help to run down Nigeria economy and refineries….their country has largest poor people in the world. But ordinary technicians in India is called engineers in Nigeria.
Come to the state and ask which country dominate technology, health and engineering. The answer is Nigerian.
The same oppressors who help to keep Nigerian hungry, dominate, distribute and criminalize anyone who try to channel their line now becomes a savior.
Enjoy it oooo. Representation is an act of deprivation. Dangote represent you.
Dangote ferterlizet, dangote rice, dangote cements, dangote petroleum and later dangotes Nigeria.