By Mohammed Bello Doka
In a significant announcement made during the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report, CBN Governor Olayemi Cardoso revealed that the pump prices of petrol are anticipated to decrease throughout the year. This positive shift is attributed to the commencement of operations by both government and private-owned refineries.
Cardoso emphasized the potential impact of this development on the economy, foreseeing stabilisation or reduction in fuel costs that would extend across various sectors. Notably, the ongoing production at Dangote Refinery and the imminent start of operations at the Port Harcourt Refinery are expected to play pivotal roles in achieving this goal.
Highlighting collaborative efforts, Cardoso mentioned the partnership between the apex bank, the Ministry of Finance, and the NNPCL to ensure that all foreign exchange inflows are directed back to the Central Bank. This coordinated approach aims to bolster reserves accretion, fostering economic efficiency and resilience.
As refineries rev up their activities, the prospect of lowered fuel prices holds promising implications for the nation's economic landscape, heralding positive changes in the foreseeable future.
Tags
News