Central Bank of Nigeria (CBN) Governor Godwin Emefiele has said the Federal Government is making arrangements to purchase refined crude from Dangote Refinery when it commences production.
Emefiele also said the first shipment of Urea from the Dangote Fertiliser Plant would begin in March to help boost agriculture in the country.
The CBN governor spoke during an inspection tour of the sites of Dangote Refinery, Petrochemicals Complex Fertiliser Plant and Subsea Gas Pipeline projects at Ibeju Lekki, Lagos.
Emefiele said 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.
His words, ”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.”
Continuing, he said: “That is the element where foreign exchange is saved for the country becomes very clear.
“We are also very optimistic that by refining this product here in Nigeria, all those costs associated with either demurrage from import, costs associated with freight will be totally eliminated.
“This will make the price of our petroleum products cheaper in naira.”
