The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele says Nigeria would record about 35 per cent cut in its import bill in the first quarter of 2022.

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

(CBN), Mr. Godwin Emefiele

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.

“That company, late last week, started the production of Urea, which is the most important material you need for the production of fertilizer.

“With 2 million tons per annum, there is another company producing about 3 million tons per annum and yet another one producing about 500, 000 that is an annual capacity of about almost 6. 5 million tons of urea.

“We need only about 1.5 million to 2 million tons to satisfy our own domestic needs.   That means we have the potential to export the excess and earn foreign currency from these items.

“Of course for petroleum products, by the time the refinery goes into production by the first quarter of next year and the petrochemical plants we would have reduced our importation by about at least close to 35 per cent.

“Luckily Nigeria is endowed. Nigeria has crude oil.   Nigeria has gas and that is why, leaning on the words of our president, we have chosen to encourage companies to look inwards by helping to provide funds for them to bring in equipment that they need.  They will source their raw materials almost 100 per cent locally.  That is one of the things we are doing to strengthen our economy.”

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