Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Energy

Dangote Refinery will save forex, stabilize the naira – Dangote, Emefiele 

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
September 1, 2021
in Energy, Spotlight
Dangote Refinery will save forex, stabilize the naira – Dangote, Emefiele 
Share on FacebookShare on TwitterShare on Linkedin

Dangote refinery would promote the Central Bank of Nigeria’s import substitute objective  and increase foreign exchange supply .

This was disclosed by the Central Bank Governor, Mr Godwin Emefiele in a documentary titled “Fuelling Nigeria’s Future: The world’s biggest refinery.”

The governor was clear about his support for Dangote Refinery and the possibility of it helping Nigeria’s economy.

RelatedPosts

Oil marketers threaten massive fuel scarcity by next week, deny FG’s N74 billion payment claim

Shell pauses Nigerian onshore divestment pending outcome of court case

READ: Dangote Refinery on track to be the 5th largest company in Africa

He said, “Dangote refinery would help achieve the import substitution objective, which means that products that were imported would be produced locally. Thereby saving foreign exchange that the CBN uses to fund the import of these products.“

Nairmetrics reported that the NNPC has taken a stake in Dangote refinery, and with the backing of the Apex bank, it is clear that Dangote has the backing of the regulators to support his venture.

READ: NNPC GMD explains why government is buying 20% stake in Dangote Refinery

Aliko Dangote also reiterated that the move would help to bring stability to the naira.

He said, “It would give us a more stable currency because currently, 25% of foreign exchange goes into the importation of petrol products. But right now the refinery has the full capacity to meet the demands for these products.”

Related

Comments 1

  1. Mejabi Tunde says:
    September 5, 2021 at 6:14 pm

    With the rate at which Naira is growing in connection with dollar. Could only Dangote Refinery drive it positively, and save forex? Well, I sincerely welcome Dangote Refinery.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Kwankwaso explains why he cannot be running mate to Peter Obi
    • The operators that determine Nigeria’s black market exchange rate
    • KongaPay at House of Lords, London, signs historic partnership with Bibimoney

    Follow us on social media:

    Recent News

    Kwankwaso explains why he cannot be running mate to Peter Obi

    Kwankwaso explains why he cannot be running mate to Peter Obi

    July 4, 2022
    Relationship between inflation and the unending devaluation of the Naira

    The operators that determine Nigeria’s black market exchange rate

    July 4, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com