At the ceremony commemorating the inauguration of the Dangote refinery in Lagos, Godwin Emefiele, the President of the Central Bank of Nigeria, revealed that the refinery's operations would exert a substantial influence on Nigeria's foreign exchange (FX) reserves. Emefiele emphasized that once the refinery commenced its operations, it would lead to savings of $25 billion in Nigeria's FX requirements by eliminating the need for energy imports, while also facilitating $10 billion in exports. Emefiele underscored the significance of these savings and cautioned that if Nigeria failed to explore alternatives for energy imports, the country's import expenditures would have surged to $30 billion.
Read More: https://www.investingport.com/dango...changer-for-nigerias-economy-and-fx-reserves/
Economic Advantages and Job Creation
Emphasizing the economic advantages, Emefiele highlighted that the commencement of operations at the refinery would yield substantial gains in foreign exchange (FX). The project would not only create more than 135,000 permanent jobs but also generate 12MW of electricity, contributing to significant savings and alleviating the fiscal burden.Read More: https://www.investingport.com/dango...changer-for-nigerias-economy-and-fx-reserves/