The Central Bank of Nigeria (CBN) gave Nigerians new hope on Monday, stating that the economy will recover from its current troubles.
CBN Governor Olayemi Cardoso, speaking through his Deputy on Economic Policy, Muhammad Abdullahi, at an emergency session of a National Assembly Joint Committee on Finance, stated that despite the ailing economy, tough decisions taken in the last year have begun to address decades-long issues.
Mele Kyari, Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, also stated that the Port Harcourt Refinery would begin production in early August, followed by the Kaduna Refinery in December.
Kyari, who had previously announced multiple dates for the Port Harcourt Refinery to begin operations, reaffirmed the new August start date, insisting, “I am not lying.”
He stated that with the Dangote Refinery, Nigeria’s goal to reach two million barrels per day and become a net exporter of petroleum products by December is achievable.
Additionally, the Minister of Budget and National Planning, Atiku Bagudu, confirmed that the 2024 Budget is already being implemented. He also mentioned ongoing negotiations with labor leaders regarding the minimum wage to prevent further disruptions to the economy.