Dr. Chijioke Ekechukwu, an economic expert, has emphasized that many of Nigeria’s economic projections for 2024 and 2025 depend heavily on the production output from the Dangote Refinery. He stressed the importance of supporting the refinery to ensure its optimal operation, which is vital for the availability of foreign exchange, growth of the nation’s foreign reserves, and overall economic progress.
Ekechukwu, who serves as the Managing Director of Dignity Finance and Investment Ltd., made these remarks during an interview with The Pathway News in Abuja on Sunday. He praised the Federal Government’s recent decision to sell crude oil to Dangote Refinery and other local refineries in Naira, following a directive from President Bola Tinubu. This move, he noted, would reduce the pressure on the refinery to source foreign currency for crude oil purchases, ultimately benefiting both the refinery and the Nigerian economy.
“I was surprised that the President is approving the sale of crude oil to Dangote Refinery now. I expected that all these would have been agreed upon and approved even before the construction of the refinery started. Most of the economic projections and outlook for 2024 and 2025 were hinged on the production from Dangote Refinery. Everything needs to be done to support and encourage the refinery and ensure that it produces optimally, in the interest of our economic growth, forex availability, growth of foreign reserve, and employment in Nigeria,” Ekechukwu stated.
He further explained that the international oil price should guide the sale price, with the prevailing exchange rate applied as necessary.
