According to the Minister, the sector accounts for between 30 and 40 per cent of foreign exchange demand, adding that the failure of the nation’s refineries to work optimally has led to shortfall in the availability of FOREX in the open market.
Speaking in Lagos yesterday, the minister painted a gloomy picture of the industry stating that proactive steps are required to bring Nigeria’s economy back on positive track. He said, “We need to get our refineries to work optimally, in order to inject funds back to the economy. It is taking us four to six months to go through processes and bureaucracy even to get investors coming into the country and inject money to take the refinery to the point where it is needed
“And the reality is that unless we do that, the dream and hope I had was that in 2018 we should begin to reduce drastically petroleum product import into the country and in 2019, we should be able to exceed total local demand, and so, if we can take care of that alone, the pressure on foreign exchange will reduce. The foreign exchange conversion rate, the exchange rate will improve in favour of the Naira. Click to signup for FREE news updates, latest information and hottest gists everyday
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So it has been officially confirmed that the change we voted for is now suffering hunger and hardship be that. May God help his people. Change dole!
ReplyDeleteIs he telling you the government is the cause? If PDP despite oil boom for 16 years cannot build nor maintain our refineries, you now expect this APC one with this oil low price and NDA destruction to build it for you within even 4 years? If you are too biased you will not see GOD. Who knows which of his write-up will be the last one in this sinful world.
DeletePls the oil boom was not for 16years, between 2001 and 2006, there was shortfall in the oil revenue, but Obasango was able to tackle the problem because he had competent economic team. The likes of Okonjo Iweala, Soludo and many others were in the team. So APC should stop glorifying mediocrity under the guise of their is no oil boom. God Bless Nigeria.
DeleteMust there be an oil boom before we can build a refinery?
DeleteIf you cannot perform, you should not make a false promise. After all the downturn was evident before campaigns and election
Ojoroman hear yourself it is change that caused dependence on imported petroleum? You go school so?
ReplyDeleteI believe this kachikwu idea,in fact,genius is genius,if they can buy your idea,this is the only solution to this forex problem. May God make you the next president of Nigeria.
ReplyDeleteImagine the msn appointed to carry out n assignment describing the problem and solution but doing nothing.
ReplyDeleteIt is indeed a sorry story