#wakeupnigeriaontvc || January 17th, 2022
The successful completion of Africa’s biggest petroleum refinery and the world’s largest single-train facility is expected to have a significant impact on Nigeria’s foreign exchange through import substitution and substantial savings in earnings.
It is expected that once the refinery commences production, the pressure on the nation’s currency will reduce and significant inflow of forex, is expected to come in through sales from the refinery.
On completion of the refinery, it is estimated that Nigeria will import zero petroleum oil products; down from approximately $50 billion current oil product imports per year.
Also, Nigeria’s hopes of attaining self-sufficiency in domestic oil refining is hinged on the completion of the Dangote refinery. It will be one of the largest in the world and when fully operational, should in theory be able to meet Nigeria’s domestic fuel requirements and trigger a positive ripple effect across other sectors of the economy.
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