The Federal Government has concluded plans to sell crude oil to the $15 billion Dangote Refinery in Naira as part of measures targeted at strengthening the currency and Nigeria’s economy.

This was disclosed by the governor, Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, who visited the Dangote Refinery, Petrochemicals Complex Fertiliser Plant, and Subsea Gas Pipeline project at Ibeju Lekki, Lagos, Saturday.

Specifically, he said: “We have taken the decision to sell the crude to the Refinery in Naira because we want to impact the economy. We also hope that by the time the Refinery start to refine, and sell its petroleum products in Naira, the local currency will be stronger, and by extension the nation’s economy, which is still oil-driven.
”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.

“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 the 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.”

Continuing, he said: “I am saying that by this time next year, our cost of import of petroleum products for petrochemicals or fertilizer will be able to save that which will save Nigeria’s reserve. It will help us so that we can begin to focus on more important items that we cannot produce in Nigeria today.’’

Similarly, Alhaji Aliko Dangote said that the fertilizer and petrochemical plants were capable of generating $2.5 billion annually while the refinery would serve Nigeria and other countries across the world.

He also Dangote express thanks to President Muhammadu Buhari and the CBN Governor for their support toward the completion of the projects, said they would create additional jobs for Nigerians.