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FG To Sell Oil In Naira To Dangote Refinery - Politics - Nairaland

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Aliko Dangote Offers To Sell Oil Refinery To FG-Owned NNPC / NNPC To Supply 300,000 Barrels Of Crude To Dangote Refinery / FG Grants N16 Trillion Waiver To Dangote, Honeywell, 44 Others (2) (3) (4)

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FG To Sell Oil In Naira To Dangote Refinery by iwaeda: 11:28pm On Feb 27, 2021
THE Federal Government has concluded plans to sell crude oil to the $15 billion Dangote Refinery in Naira.

This is part of measures adopted to strengthen the currency and by extension the nation’s economy.

The governor, Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, who visited, Saturday, to inspect the ongoing construction of the Dangote Refinery, Petrochemicals Complex Fertiliser Plant, and Subsea Gas Pipeline project at Ibeju Lekki, Lagos, 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.”


According to him, this is expected to help Nigeria save about 41% of its foreign exchange that is being expended on the importation of refined petroleum products.

Emefiele, who noted that the first shipment of Urea from the Dangote Fertiliser Plant would begin in March 2021, said: ”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.


“This will increase our volume in naira and help to push it into the Economic Community of West African States as a currency.”


Expressing confidence that the refinery would be completed by the first quarter of 2022, Emefiele, 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.’’


Emefiele said the CBN had given an N100 billion intervention to the projects, adding that the apex bank was ready to support Nigerian businesses set up to uplift the country economically.

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

Dangote, who expressed gratitude 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.

https://www.vanguardngr.com/2021/02/updated-fg-to-sell-oil-in-naira-to-15bn-dangote-refinery/amp/

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Re: FG To Sell Oil In Naira To Dangote Refinery by Emary(f): 11:31pm On Feb 27, 2021
So the plan is to sell this man our crude at cheap rates, only for him to resell the refined products to us at even higher rates than importers currently do? Real monopoly. Well, at least after this, we should hear no more about subsidy.

https://www.proshareng.com/news/Oil%20&%20Gas/FG--Dangote-Refinery-Will-Sell-Petrol-at-International-Price/53251

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Re: FG To Sell Oil In Naira To Dangote Refinery by QuotaSystem: 11:37pm On Feb 27, 2021
Dangote's refinery will definitely be a game changer for the Nigerian economy.

What a genius strategy. Imagine a scenario where other African countries would be looking for Nigerian Naira in order to purchase Nigerian Petroleum Products. It would increase the organic demand for our currency thereby boosting its value significantly.

Emary:
So the plan is to sell this man our crude at cheap rates, only for him to resell the refined products to us at even higher rates than importers currently do?

This does not make sense. There is no way Dangote's petrol would be more expensive because not only has the issue of landing cost been eliminated since we're no longer importing, but the market has also been deregulated (which is why we suffer price hikes whenever price of crude or USD rises).

You're right about elimination of subsidy which will save us significant amounts of money, but even greater benefits would come from saving millions of USD daily that would have been wasted to import refined petrol (a whopping 41% of our forex saved); further boosting our foreign reserves and the value of the Naira. The multiplier benefits from job creation and development of allied industries to support the refinery and petrochemical plant are better imagined.

Finally, the disgraceful economic anomaly wherein the 6th largest oil producer in the world is one of the biggest importers of petrol from less endowed countries, and continuously suffers whenever crude prices rise instead of enjoying the largesse like fellow oil producers, will finally come to an end thanks to Dangote's refinery. I wish him the best and I'm excited for Nigeria.

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Re: FG To Sell Oil In Naira To Dangote Refinery by udoka2013: 11:38pm On Feb 27, 2021
We are watching. Dangote this, Dangote that. I am beginning to understand that, there are some hiden facts concerning this company. Because of this company the border was opened recently. The fuel price was increased because of their refinery. Cement was meant to favour them over their competitors. Foreign exchange favours them. Now again, central bank governor visits them with a gigantic grant. And many more. Other companies should enjoy the same favour as Dangote. That is my stand.

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Re: FG To Sell Oil In Naira To Dangote Refinery by chrisxxx(m): 11:44pm On Feb 27, 2021
This country is truly mortgaged to Dangote. Nigeria needs to carry out her foreign obligation.

43 Likes 4 Shares

Re: FG To Sell Oil In Naira To Dangote Refinery by chatinent: 12:41am On Feb 28, 2021
Emary:
So the plan is to sell this man our crude at cheap rates, only for him to resell the refined products to us at even higher rates than importers currently do? Real monopoly. Well, at least after this, we should hear no more about subsidy.

The plan is to sell to themselves at cheap rates so they can resell to us, and export at a good rate.


The name Dangote is a haven for all political fraud.


They make up Dangote. Dangote is just a name.

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Re: FG To Sell Oil In Naira To Dangote Refinery by Nobody: 12:55am On Feb 28, 2021
chrisxxx:
This country is truly mortgaged to Dangote. Nigeria needs to carry out her foreign obligation.
Shaaarraaappppp ! lipsrsealed lipsrsealed lipsrsealed

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Re: FG To Sell Oil In Naira To Dangote Refinery by slawormiir: 6:13am On Feb 28, 2021
Damnnn niggarrrr
Isoright......

Lets see how it goes

1 Like 1 Share

Re: FG To Sell Oil In Naira To Dangote Refinery by rawtouch: 6:13am On Feb 28, 2021
sad

we will hold you to your words
Re: FG To Sell Oil In Naira To Dangote Refinery by Scrupulous419(m): 6:14am On Feb 28, 2021

1 Like 1 Share

Re: FG To Sell Oil In Naira To Dangote Refinery by Bayaar02(m): 6:14am On Feb 28, 2021
Ok
Re: FG To Sell Oil In Naira To Dangote Refinery by GboyegaD(m): 6:14am On Feb 28, 2021
Hmmm....when will they start selling gas to the Gencos and Discos in Naira?

60 Likes 3 Shares

Re: FG To Sell Oil In Naira To Dangote Refinery by SouthSouth1914: 6:15am On Feb 28, 2021
The north has really islamize Nigeria. Every well meaning Nigerians should come out and fight this injustice! A group of unscrupulous elements should not monopolize our lives!!

17 Likes 3 Shares

Re: FG To Sell Oil In Naira To Dangote Refinery by Igboarecriminal(f): 6:15am On Feb 28, 2021
Fantastic news indeed. There will be no need for forex conversion any longer. Now he can export to other African countries and bring in the forex.
That is in addition to the savings to be made from discontinuance of fuel importation. Fuel import was the number 1 forex guzzler.

Watch how IPOB terrorist and some brown roof republic will Insult Dangote because he is muslim from North. They will tell us how lamidi cownu loaned money to Dangote's ancestors.

28 Likes 7 Shares

Re: FG To Sell Oil In Naira To Dangote Refinery by Monogamy: 6:15am On Feb 28, 2021
Nice one..

According to him, this is expected to help Nigeria save about 41% of its foreign exchange that is being expended on the importation of refined petroleum products.

2 Likes 2 Shares

Re: FG To Sell Oil In Naira To Dangote Refinery by BigSarah(f): 6:16am On Feb 28, 2021
Why is this government making it seem like Dangote is a saviour or something, all I know is they're aligning to stick it up the rectum of the already worn out economy.

10 Likes 1 Share

Re: FG To Sell Oil In Naira To Dangote Refinery by Kirkman: 6:17am On Feb 28, 2021
GboyegaD:
Hmmm....when will they start selling gas to the Gencos and Discos in Naira?
Very good and valid question grin

8 Likes 1 Share

Re: FG To Sell Oil In Naira To Dangote Refinery by Inspiration007: 6:17am On Feb 28, 2021
They should just sell Nigeria in Naira to Dangote, and share the money to everyone

8 Likes 2 Shares

Re: FG To Sell Oil In Naira To Dangote Refinery by sltn(m): 6:19am On Feb 28, 2021
None of my f.u.c.king biz
Re: FG To Sell Oil In Naira To Dangote Refinery by olatade(m): 6:19am On Feb 28, 2021
we need many more dangotes in this country

14 Likes 2 Shares

Re: FG To Sell Oil In Naira To Dangote Refinery by wolement: 6:19am On Feb 28, 2021
At a time when the world is abandoning oil for cleaner energy. What a great move undecided

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Re: FG To Sell Oil In Naira To Dangote Refinery by etrouble: 6:20am On Feb 28, 2021
SouthSouth1914:
The north has really islamize Nigeria. Every well meaning Nigerians should come out and fight this injustice! A group of unscrupulous elements should not monopolize our lives!!

Only a mentally unstable person will bring religion into this. The silent war is between Hausa/Fulanis and Southern Nigeria. Religion does not come in at all.

Meanwhile there is no single human being that think that there is God in the whole Northern Nigeria. Any man who thinks and/or knows that there is God will never behave the way Hausa/Fulanis behave in Nigeria, so the desert warriors are not Muslims. Or has anyone seen Yoruba Muslims kidnapping children at schools, killing people in the their farms and throwing bombs into mosques and churches? Only Ishaq Akintola is capable of doing that in the Yoruba trube

18 Likes 2 Shares

Re: FG To Sell Oil In Naira To Dangote Refinery by Badgers14: 6:21am On Feb 28, 2021
Always bending the rules to make one of their own richer smh..


Please don't quote me, I am not feeling fine

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Re: FG To Sell Oil In Naira To Dangote Refinery by alexola20(m): 6:21am On Feb 28, 2021
.

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Re: FG To Sell Oil In Naira To Dangote Refinery by smatt1711: 6:21am On Feb 28, 2021
One good thing about this country is that the mishaps happening doesn't only affect the wailers, the HAILERS are so dumb that they can't even cry out.

15 Likes 1 Share

Re: FG To Sell Oil In Naira To Dangote Refinery by Siberia01(m): 6:21am On Feb 28, 2021
cool Mr. monopoly on the beats again infact every Nigerian girl should be married off to dangote
Re: FG To Sell Oil In Naira To Dangote Refinery by sheDD(m): 6:22am On Feb 28, 2021
This country is just giving this man every utensil to get richer by d days...
And you tell me if I'm given this broad preferential and other closed-door brown envelope given to him by FG I wouldn't be richer than him undecided undecided undecided

10 Likes

Re: FG To Sell Oil In Naira To Dangote Refinery by Ghostmode2two(m): 6:22am On Feb 28, 2021
You people should not be deceived because even the fuel we import from abroad is being refined in refineries owned by Nigerians. Check my signature please

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Re: FG To Sell Oil In Naira To Dangote Refinery by tspun(m): 6:22am On Feb 28, 2021
Okay
Re: FG To Sell Oil In Naira To Dangote Refinery by ivolt: 6:22am On Feb 28, 2021
GboyegaD:
Hmmm....when will they start selling gas to the Gencos and Discos in Naira?
Gencos don't need gas.
Discos can't even pay for all the electricity being generated leaving the government with huge debt to compensate for excess Gencos.

6 Likes

Re: FG To Sell Oil In Naira To Dangote Refinery by MEGA4BILLION(m): 6:22am On Feb 28, 2021
Will the cabal holding this country to ransom allow the refinery to run?

Because we know a working refinery will curtail their stealing.

2 Likes

Re: FG To Sell Oil In Naira To Dangote Refinery by alexola20(m): 6:23am On Feb 28, 2021
.

1 Like

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