Nigeria’s petrol prices may soon drop, according to the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso.
He made this prediction on Wednesday in Lagos, at the unveiling of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report.
Cardoso explained that the reason for his optimism was the emergence of new refineries in the country, such as the Dangote Refinery and the Port Harcourt Refinery, which have started or are about to start production.
He said that these refineries would increase the domestic supply of petrol and reduce the dependence on imports, which would lower the costs and improve the availability of the fuel.
The CBN Governor also highlighted the positive impact of lower petrol prices on various sectors of the economy, such as transportation, manufacturing, agriculture, and power.
He said that lower fuel costs would enhance the economic efficiency and resilience of Nigeria, especially in the face of global challenges and uncertainties.
Cardoso expressed confidence in the performance and prospects of Nigeria’s economy, citing the recent reports and ratings from international agencies and banks.
He said that these reports recognized the improvement in Nigeria’s fiscal and external position, as well as the reform efforts of the authorities. He said that he was certain that the ongoing efforts would result in significant and positive changes for the economy in the near future.
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