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Nigeria To Reduce Import By 35 % In Q1 2022 — Emefiele

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The nation would record about 35 per cent cut in its import bill in the first quarter of 2022, the governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, has said.

He spoke, yesterday, in Abuja, while receiving a delegation, led by the governor of the Central Bank of Gambia, Mr. Buah Saidy.

He also expressed the readiness of Nigeria to print the Gambian currency (Dalasi) for the West African country.

According to him, with the coming on stream of the Dangote Refinery and Petrochemical plant and others, with the capacity to produce about 6.5 million tons of Urea, Nigeria would have more petroleum and petrochemical products needed locally, with the excess available for export.

He said:  “About five years ago, our president insisted that we must diversify the economy and that we reduce to the barest minimum, the importation of items that we can produce locally, especially food items, by producing what we eat and ensure that we eat what we produce.

“At that time, one of our big multinationals, I would call it a conglomerate, went into the business of setting up a 650 , 000 barrels per day petroleum refinery and also a petrochemical plant that will produce more than the quantity of propylene and other products that we need.



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