Yemi Cardoso, the Central Bank of Nigeria’s Governor, made a bold projection that the pump price of petrol will decrease in 2024. Providing insight at the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report launch in Lagos, Cardoso attributed this anticipated drop to the operationalization of both government and privately-owned refineries.
Speaking on January 24, Cardoso emphasized the significant impact of the fall in petrol prices on economic efficiency and resilience across various sectors. He highlighted the positive implications this development would have on the economy.
Cardoso particularly pointed out that the ongoing operationalization of the Dangote Refinery and the forthcoming production commencement at the Port Harcourt Refinery are pivotal contributors to this expected shift in the petrol market.
Moreover, he underscored the collaborative efforts of the apex bank, the Ministry of Finance, and the NNPCL in redirecting all foreign exchange inflows to the CBN to bolster reserves accretion, thereby reinforcing the foundation for the projected reduction in petrol prices.
Cardoso’s insights shed light on a potentially transformative economic shift, offering hope for a more sustainable and competitive petrol market in Nigeria by 2024.
