CBN Claims Nigeria’s Economy Will Emerge Strong

The Central Bank of Nigeria (CBN) on Monday gave fresh hope to Nigerians, reassuring them that the economy will emerge strong from the current economic challenges.

CBN Governor Olayemi Cardoso, through his Deputy on Economic Policy, Muhammad Abdullahi, at an emergency session of a National Assembly Joint Committee on Finance, said that in spite of the ailing economy, the tough decisions taken over the last 12 months have started addressing the decades-long issues.

Also, the Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, explained that the Port Harcourt Refinery would kick off production by early August, while that of Kaduna would commence by December.

Kyari, who had earlier announced a number of dates for the Port Harcourt Refinery to commence operation, maintained that “he is not lying”, as he reaffirmed the new August date.

According to him, with the Dangote Refinery, the target for Nigeria to attain two million barrels per day and become net exporter of petroleum products by December is feasible.

Earlier, the Minister of Budget and National Planning, Atiku Bagudu, asserted that the 2024 Budget is already being implemented and that there is ongoing negotiation with Labour leaders on minimum wage to ensure that there is no further disruptions to the economy.