Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), anticipates a decline in the pump price of petrol in the country.
This projection, revealed during the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos on Wednesday, is based on the impending operational status of refineries in Nigeria. Notably, the Dangote Refinery has already commenced production, and the Port Harcourt Refinery is expected to follow suit soon.
Cardoso highlighted that the expected stabilization or reduction in fuel costs will have significant implications across various sectors, contributing substantially to overall economic efficiency and resilience. Discussing Nigeria’s economy more broadly, the CBN Governor expressed confidence in witnessing positive outcomes, emphasizing the ongoing dedicated and relentless efforts. He stated, “I am confident that we are already witnessing positive outcomes, and these will undoubtedly become more apparent in the near future. The dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy.”
Furthermore, Cardoso cited recent reports from international rating agencies, including Fitch and Moody’s, as well as commendations from multilateral banks such as the World Bank.
These reports acknowledge upgrades to Nigeria’s ratings from stable to positive, reflecting the possible reversal of the deterioration in the country’s fiscal and external position due to the authorities’ reform efforts.