CBN to begin sourcing forex from Dangote Group

Dangote Group is currently building one of the largest oil refineries in Africa.

The Central Bank of Nigeria, CBN has revealed that the apex bank might soon start sourcing foreign exchange from the Dangote Group.

With the rate of financial inflow that’s expected to occur when Dangote refinery and fertilizer plant go into operation, the CBN governor, Godwin Emefiele said that it will become inevitable for Nigeria to look the way of the group for its forex needs from time to time.

Dangote Group is currently building one of the largest oil refineries in Africa to help tackle the issue of fuel scarcity in Nigeria.

The refinery is expected to be completed in 2020, but before then, it’s been disclosed that the fertilizer plant will begin operations in May this year.

Aliko Dangote has hinted that the fertilizer plant will position Nigeria as the largest exporter of fertilizer in Africa.

“The 2-line Dangote Fertilizer Complex, consisting of Ammonia and Urea plants is conceived to be one of the world’s largest fertilizer plants with a total capacity of three million Tonnes per annum,” he said.

He further solicited for CBN support in making the projects successful just like it was done with Dangote Cement.

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