CBN assures of Forex for indigenous Companies

Sisi Ochigbo, Abuja
The Central Bank of Nigeria (CBN) has reiterated its readiness to facilitate access to foreign exchange by Nigerian companies that wanted to import equipment to ease business growth in the country.
The CBN Governor, Mr Godwin Emefiele, said disclosed this at the weekend during an inspection of Dangote Refinery in Lagos.
Emefiele said, when it starts full operation would be refining 650,000 barrels of crude oil per day (bpd) .
The tour of the facility was held at its location within the Lekki Free Trade Zone in Lagos.
Emefiele said that the projects on completion would also be expected to produce 883 KPTA polypropylene plant, three million tons per annum Urea plant and 1,100 kilometer sub-sea pipeline infrastructure.
He said it would transform the Nigerian economy from a net-importer of refined petroleum products to a net-exporter of petroleum products.
The governor said that the support to indigenous companies by the CBN was to ease the importation of equipment needed into Nigeria for production.
According to him, I am extremely delighted on the huge investment and massive progress recorded here in Dangote Petrochemical and Fertilizer Refinery.
“This shows commitment and readiness for business.
“I have said it before that we will also support any Nigerian companies that take interest in construction and manufacturing of goods in Nigeria.
“CBN will provide funding in terms of foreign exchange and naira to import equipment that will fast track business activities.
”Dangote Group ‘s nine billion dollars investment is a reality of an indigenous company’s commitment that is interested in the socio-economic growth of Nigeria.
”This has made us to support Dangote Group with N75 billion in Forex to import equipment and other facilities to ease completion of the refinery,” he said.
The CBN boss said that, “This is the kind of investment we need in Nigeria that will empower Nigerians and boost our revenue.
Emefiele express delight that that the project by Dangote Group came up in his life time. He said the government will continue to support the project and any other projects in the country.