CBN Governor Predicts Lower Petrol Prices and Collaborative Efforts for Economic Resilience
The announcement at the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report, CBN Governor Olayemi Cardoso shared insights on the expected reduction in petrol prices throughout the year. According to Cardoso, this positive development is anticipated as both government and private-owned refineries gear up their operations.
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| CBN GOVERNOR, Olayemi Cardoso |
Speaking on Wednesday, January 24, in Lagos, Cardoso highlighted the imminent commencement of production at the Dangote Refinery and the expected initiation of operations at the Port Harcourt Refinery. These developments, he noted, are poised to not only stabilize but potentially reduce fuel costs, triggering profound effects across various sectors.
Cardoso emphasized the broader economic implications of this anticipated shift in fuel prices, foreseeing a substantial contribution to overall economic efficiency and resilience. The expected reduction in fuel costs is anticipated to ripple across diverse industries, fostering a more robust economic environment.
Furthermore, the CBN Governor shed light on collaborative efforts between the apex bank, the Ministry of Finance, and the NNPCL (Nigerian National Petroleum Corporation Limited). He disclosed that these entities are working in tandem to ensure that all foreign exchange (FX) inflows are directed back to the Central Bank. This coordinated approach aims to boost reserves accretion, reinforcing the country's economic foundation.
As the Dangote Refinery has already commenced production and the Port Harcourt Refinery is on the verge of starting operations, these developments, coupled with strategic collaborations, signal a positive outlook for Nigeria's economic landscape. The commitment to stabilizing fuel prices and enhancing foreign exchange reserves reflects a concerted effort to strengthen the nation's economic foundations in the face of global challenges.
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