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Reno Omokri, a political commentator, says that Nigeria’s economy is poised to gain stability now that the Dangote Refinery has started production and its products are reaching filling stations nationwide. ...Tap To Read The Full Story Here | ..Tap To Read The Full Story Here...
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Omokri, a chieftain of the ruling Peoples Democratic Party (PDP), mentioned that the $1.8 billion previously used to import fuel from Europe and Asia will now be put to better use, benefiting the economy and alleviating downward pressure on the Naira.
His comments were made following the distribution of fuel from the refinery to filling stations across the country.
Owned by Africa’s richest man, Aliko Dangote, the refinery began processing petrol last week. However, disagreements over off-take rights and pricing had initially caused delays in distribution.
This marks the first time in three decades that a significant portion of Nigeria’s PMS needs will be met domestically.
Reno Omokri wrote on X: “As a direct consequence of the commencement of the sale of Dangote Refinery petrol and the impending cessation of fuel imports, the Naira is about to rise in value because Nigeria will no longer have to spend $1.8 billion monthly importing fuel from Europe and Asia.”
“That money will now service our economy and reduce the downward pressure on the Naira. Our foreign reserves will rise, and our accounts with the Bank for International Settlements in Basel, Switzerland, will stabilise. Our current trade surplus, which is currently at approximately ₦14 billion for the first six months of 2024, will almost triple by December, positively impacting the economy and expected to reduce inflation and cost of living.”
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“All told, this is a significant win for #GrowNairaBuyNaija.”▶For More READ THE FULL STORY▶▶
