CBN Assures Dangote of Forex Support for $14billion Refinery

The Central Bank of Nigeria, CBN, has promised to assist the Dangote Group to access foreign exchange to facilitate its $14 billion refinery project.

CBN Governor, Godwin Emefiele said this on Sunday, January 10, during a tour of the refinery at its location within the Lekki Free Trade Zone in Lagos.

The refinery is projected to refine 650,000 barrels of crude oil per day.

Emefiele said the CBN support was to ease the importation of equipment needed to bring the Dangote refinery to reality.

“Your $14 billion refinery investment will enjoy our support, no doubt.

“We are doing this to fast-track the importation of equipment you need for a speedy completion of that project and to encourage other Nigerians to follow your lead,’’ Emefiele said.

He added that the tour was aimed at lending the CBN’s support to the “project that will transform Nigeria’s downstream oil sector”.

“The Dangote Group approached us to indicate their interest to invest in refining crude, such that petrol-chemicals, fertiliser and fuel will be produced.

“Today, the three projects, which are valued at $14 billion (N2.8 trillion) are on course and this is highly commendable, ‘’ he said.