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FG’ll source forex from Dangote Refinery soon – Emefiele


Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has revealed that the Federal Government will soon start sourcing foreign exchange (forex) from Dangote Group.

This according to him will commence as soon as the Dangote Refinery, Petrochemicals and Fertilizer projects come on stream.

Emefiele disclosed this potential reversal of roles after a four-hour tour at the ongoing Dangote Refinery, Petrochemicals, Fertilizer projects and Dangote deep-water jetty in Lagos, weekend.

According to Vanguard, Emefiele toured the project sites in the company of the President/CE of the Dangote Group, Aliko Dangote; Deputy Governor of the CBN, Aishah Ahmad; Group Managing Director, Dangote Industries Limited, Mr. Olakunle Alake; Group Executive Director of Dangote Industries, Mr. Devakumar Edwin; and the Managing Director of Guaranty Trust Bank, Mr. Segun Agbaje.

A huge forex earning is expected to accrue from the export of the products from the refinery according to the governor.

The CBN boss lauded Dangote for the volume of work done on the projects, adding that the refinery and fertilizer projects would help Nigeria create thousands of jobs and check importation of fuel by the Federal Government; to save huge forex currently being spent on fuel import.

Dangote commended CBN for its moral support to the refinery project, calling for supports from CBN.

The Dangote Fertilizer plant is expected to begin operations in May this year, and the 650, 000 barrels per day refinery in 2020.

Source Vanguard
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