News
How Dangote Refinery Will Reduce Food Prices In Nigeria – CBN Explains
The Central Bank of Nigeria (CBN) has projected that lifting petroleum from the newly launched Dangote Refinery will help reduce food prices in Nigeria in the short to medium term. CBN Governor Olayemi Cardoso shared this outlook during a press conference following the 297th meeting of the Monetary Policy Committee (MPC) in Abuja.
EKO HOT BLOG reports that Cardoso explained that the refinery’s operations would lower transportation costs, which would have a positive impact on food prices. He also noted that the refinery is expected to reduce the country’s foreign exchange demands, improving Nigeria’s external reserves.
EDITOR’S PICKS
- Gospel Singer Dele Gold Laid to Rest in Lagos (PHOTOS)
- Why I Left UK for Big Brother Naija – Evicted Ben
- Shamim Ahmed: Student Ally of Bangladesh’s Ex-Prime Minister Loses Life
“The committee is optimistic that the lifting of refined petroleum products from Dangote Refinery will moderate transportation costs and help ease food price pressures in the short to medium term,” Cardoso said.
He further added that this development could decrease the need for foreign exchange for fuel imports, improving the country’s external reserves and balance of payments.
Dangote Refinery Food CBN
Addressing food inflation, Cardoso highlighted risks including flooding, rising energy costs, fuel scarcity, and insecurity in farming areas. He emphasized the government’s ongoing efforts to improve security in agricultural communities, which remains crucial in managing food inflation.
The MPC also commended the government’s efforts to address supply shortages by allowing duty-free imports of essential food commodities.
FURTHER READING
- Police Arrest Man For Alleged Theft Of Electric Cables In Katsina
- FG Unveils Plans for Nigeria’s 64th Independence Day Celebration
- Yahoo Boy Arrested After Video of Tied Woman Surfaces in Abuja Hotel
Click here to watch our video of the week
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at ekohotblog@gmail.com. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
