The major takeaway from the commencement of the sale of Dangote Refinery petrol is the fact that Nigeria will no longer be spending billions of dollars every month importing petrol from all over the world.
And for this, we have the Nigerian National Petroleum Company Limited and Aliko Dangote to thank. Because no matter how Mr.
Dangote likes to slice it, the Dangote Refinery would not have been successful without NNPCL.
Let us look at the bigger picture. This is a major win for Nigeria. Each month going forward, we get to keep $1.8 billion in Nigeria, that would have circulated outside Nigeria were it not for Mele Kyari and Aliko Dangote.
Without the cheap crude supplied to Dangote Refinery in Naira by the NNPCL and their seed money investment into the Dangote Refinery, we would not have 16 million litres of made-in-Nigeria fuel circulating nationwide daily.
As a direct consequence of the commencement of the sale of Dangote Refinery petrol and the impending cessation of fuel imports, the Naira is about to rise in value because Nigeria will no longer have to spend $1.8 billion monthly importing fuel from Europe and Asia.
That money will now service our economy and reduce the downward pressure on the Naira. Our foreign reserves will rise, and our accounts with the Bank for International Settlements in Basel, Switzerland, will stabilise.
Our current trade surplus, which is currently at approximately ₦14 billion for the first six months of 2024, will almost triple by December, positively impacting the economy and expected to reduce inflation and cost of living.
All told, this is a significant win for #GrowNairaBuyNaija.
Guys, share the glory and forget the story. Nigeria wins!
Peoplesmind
