Central Bank of Nigeria (CBN) Governor Godwin Emefiele said yesterday that arrangement was being made to enable the Dangote Refinery sell refined crude to Nigeria in naira 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.
He spoke during an inspection tour of the sites of Dangote Refinery, Petrochemicals Complex Fertiliser 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.
”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,” the CBN governor said.
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.
“If we are lucky that what the refinery produces is more than we need locally you will see Nigerian businessmen buying small vessels to take them to our West African neighbours to sell to them in naira.
“This will increase our volume in naira and help to push it into the Economic Community of West African States as a currency,” Emefiele said.