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CBN Set To Add More Items On Forex Restriction List


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Following the near completion of Dangote ’ s Fertilizer plant scheduled to become operational by May 2019 , and the refinery , a year after , the Federal Government has stated that importation of such commodities will not be allowed  while the nation’ s import bill will reduce significantly.

In the same vein, the Central Bank of Nigeria ( CBN) has said that it would increase the number of items on the foreign exchange restriction list from 42 to 50 in due course .

Meanwhile,  President of Dangote Group , Aliko Dangote has expressed concern over this issue, adding that the refined products are designed solely for export.
He also said that the efforts are in a bid  to address the gaps in logistics while serving the local market .

Similarly, the Governor of the Central Bank of Nigeria ( CBN) , Godwin Emefiele noted that the refinery  which will begin around the  first quarter of 2020 ,  will help Nigeria to achieve self sufficiency in the production of refined petroleum products and to also be among the league of countries exporting petroleum products out of the country.

Aliko Dangote  stated that about 2 billion dollars has been invested in the fertiliser project , with additional N50 billion support from the Central Bank of Nigeria (CBN ), while no less than $ 9 billion is being invested in the refinery project with the apex bank supporting with N 75 billion .

According to him , the projects will transform the nation’ s economy through exportation and job Creation as several industries will be created when the project  kicks off.

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