Opera News

Opera News App

Checkout what will likely happen to the Naira, after Dangote starts selling refined crude oil to Nigeria

Lukmanz
By Lukmanz | self meida writer
Published 1 months ago - 0 views

Dangote started building a refinery in Lekki, Lagos State Nigeria and when completed, it is going to be the largest single-train refinery in the world, being able to process 650,000 barrels of crude oil per day. He have spent about $7 billion on the refinery which is tipped to start production in year 2022.

Godwin Emefiele, the governor of the central bank of Nigeria paid a visit to the refinery on Saturday and took a tour around the Dangote Petrochemicals Complex Fertiliser Plant and Subsea Gas Pipeline projects situated at Lagos State, Nigeria. The CBN governor revealed during the visit that there were preparations being made to make Dangote sell refined petrol products to Nigeria using the naira value instead of the normal dollars used in the international petrol market once the company commence operation.

He also revealed that in a bid to boost the agricultural aspect of the Nation, the first shipment of urea will be gotten from Dangote fertilizer plant in March this year.

Godwin Emefiele revealed that the $15 billion Dangote investment would save 41 percent of the Nigerian foreign exchange which was originally spent on Importation of crude products. This agreement was based on the discussion and agreement between the Nigerian National Petroleum Corporation (NNPC) and the oil companies in Nigeria. Dangote will get to buy crude oil in the Naira value, process it and sell the refined products to Nigerians still using the Naira.

This would save a lot of Nigeria's foreign exchange, and the price of pms will eventually become cheaper for Nigerians.

Dangote also made a speech at the event, and he said that the petrochemical and fertilizers plants was very much capable of generating a whooping $2.5 billion annually, and the new Nigerian refinery would serve Nigeria and other African countries.

Source: the nation online.net

Click the link below to read the full news;

https://www.google.com/amp/s/thenationonlineng.net/dangote-refinery-to-sell-refined-crude-to-fg-in-naira-emefiele/amp/

Content created and supplied by: Lukmanz (via Opera News )

Tags:      

CBN Dangote Lagos State Lekki Nigeria
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform

YOU MAY LIKE

Palm oil is not only used for cooking, these are the things you can use palm oil to do

2 hours ago

124 🔥

Palm oil is not only used for cooking, these are the things you can use palm oil to do

Top 3 Ibrahim Babangida's Achievements That Nigeria would never forget.

3 hours ago

376 🔥

Top 3 Ibrahim Babangida's Achievements That Nigeria would never forget.

Beforeh Speaking To Anyone Today, Say Powerful Prayer For Divine Favour and Protection

5 hours ago

4 🔥

Beforeh Speaking To Anyone Today, Say Powerful Prayer For Divine Favour and Protection

PRAYER: I demand a release of unusual Grace on you this week

5 hours ago

153 🔥

PRAYER: I demand a release of unusual Grace on you this week

Tuesday Prayer : You Will Have Enough Money To Spend Today In Jesus Name

6 hours ago

35 🔥

Tuesday Prayer : You Will Have Enough Money To Spend Today In Jesus Name

Barcelona Hopes The Defeat By Real Madrid Was Not Messi's Last Clasico

8 hours ago

5 🔥

Barcelona Hopes The Defeat By Real Madrid Was Not Messi's Last Clasico

The COVID-19 Pandemic: One Year After

9 hours ago

4 🔥

The COVID-19 Pandemic: One Year After

Meet Mr Jude Ogbimi, The Winner Of The Saturday's Isoko North By-election In Delta State

10 hours ago

44 🔥

Meet Mr Jude Ogbimi, The Winner Of The Saturday's Isoko North By-election In Delta State

How to make your website multilingual

10 hours ago

2 🔥

How to make your website multilingual

Enugu State Water Corporation Recruitment 2020/2021 Is Ongoing, See How to Apply

12 hours ago

97 🔥

Enugu State Water Corporation Recruitment 2020/2021 Is Ongoing, See How to Apply

COMMENTS