shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Dangote Refinery’ll reduce import bill by 40% – Emefiele

Dangote Refinery’ll reduce import bill by 40% – Emefiele

by Joshua
April 22, 2022
in Featured, News

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says Dangote Refinery will reduce Nigeria’s import bill on petroleum products and other commodities by 40 per cent.

Godwin-Emefiele-cbn 2019

He said this during an interview at the International Monetary Fund meeting in Washington Dc, United States on Thursday.

Emefiele said, “With Dangote Refinery coming up with the 650,000 barrel per day, hopefully by the end of the year, that will reduce the demand for foreign exchange that normally will go for the importation of petroleum products.

“I have also said that between the importation of refined petroleum products and other products like rice, sugar and wheat, we spend close to about 40 per cent of the foreign exchange that is needed to fund imports into Nigeria.

“And if we find, for instance, a situation whereby around the end of this year, we no longer need foreign exchange to import petroleum product, rice or maize, I believe that the demand will drop.

“And as the demand drops, I believe that whatever supply we have is able to match the demand; and then we can see a stable exchange rate.”

He also said the country would continue to restrict access to foreign exchange for import goods that could be produced locally.

Emefiele said, “But at the same time, while you are adjusting price you must also do something about supply and demand. That is the reason we are saying that we need to do something on the demand side, to make sure we restrict foreign exchange access for those things we can produce locally.”

Read Also:  Shippers’ Council Alleges, Laments Infractions, Interference In Ports’ Cargo Clearance

“When that happens, it means that the demand for foreign exchange will reduce, and when the demand for foreign exchange reduces, ultimately you will find that price will not rise beyond the expectation of Nigerians.”

While noting that Nigeria is on a managed flow exchange rate management system, the CBN governor said the country could not adopt a free-flow exchange rate system that is being proposed.

He said, “We have been at this since 1986, whereas, we are also doing something to adjust the currency.

“For instance, between 2015 and now, you will observe that we have adjusted the currency from about N155/dollar to about N410/dollar, N420/dollar, that it is today.

“So we cannot be accused of not adjusting the currency. We are trying to adopt a very gradual approach towards adjusting the price to the level that it is today.”

Emefiele also said the country had done a number of interventions in agriculture, and stopped the import of rice and maize.

shippingposition

Kindly like us on Facebook


Tags: Dangote-refinery

Related Posts

Vessels Expected At Lagos Ports As At 9th July, 2025

FG Donates 3,500 Life Jackets to Boost Waterways Safety in Ogun State

July 9, 2025
Vessels Expected At Lagos Ports As At 9th July, 2025

Dangote Commends NPA-Led OSS Committee, Donates Bus to Support Operations

July 9, 2025
Vessels Expected At Lagos Ports As At 9th July, 2025

Customs Intercepts ₦654m Worth of Undeclared Foreign Currency at Kano Airport, Hands Over Suspects to EFCC

July 9, 2025
CRFFN Dismisses Viral Court Judgement Reports, Reaffirms Regulatory Mandate over Freight Forwarders

CRFFN Dismisses Viral Court Judgement Reports, Reaffirms Regulatory Mandate over Freight Forwarders

July 8, 2025

Latest News

Vessels Expected At Lagos Ports As At 9th July, 2025

FG Donates 3,500 Life Jackets to Boost Waterways Safety in Ogun State

July 9, 2025

Dangote Commends NPA-Led OSS Committee, Donates Bus to Support Operations

Customs Intercepts ₦654m Worth of Undeclared Foreign Currency at Kano Airport, Hands Over Suspects to EFCC

Vessels Expected At Lagos Ports As At 9th July, 2025

CRFFN Dismisses Viral Court Judgement Reports, Reaffirms Regulatory Mandate over Freight Forwarders

Lagos Govt. Dismantles Illegal Checkpoints Along Badagry Expressway

Nigeria Customs Sensitises International Airline Operators on Currency Declaration

PHOTO NEWS Collaboration For Trade Facilitation

Vessels Expected At Lagos Ports As At 8th July, 2025

Nigerian Exporters Lament as Road Freight to Ghana via Benin, Togo Costs Over ₦10 Million Per Truck  

NIWA Responds to Lagos State’s Call to Halt Sand-Filling Approvals on Waterways 

Shippers’ Council Recovers Over N5.5 Million in Container Deposit Refunds, Demurrage Disputes in Q1

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition