Likewise, Financial Derivatives Company Limited, a financial institution, in its recent Economic Report for 2022, expressed a firm belief that Dangote Refinery would boost the growth of the downstream sector of the economy and enhance petroleum products distribution across Africa.
In a Nigeria Economic Outlook for 2022 released by the CPPE, its chief executive officer, Dr Muda Yusuf said activation of the Petroleum Industry Act in 2022 is expected to impact positively on the economic outlook. “This trajectory is expected to impact on our foreign reserve and strengthen the capacity of the Central Bank of Nigeria to support the foreign exchange market”, Yusuf said. He, however, added that if the Dangote refinery comes on stream in 2022, the fiscal pressure on the economy may abate, but not completely eliminated.
Source: Financial Digest (financialdigest.net)