Sovereign Analysis /
Nigeria

Nigeria: FX overhaul promised post-Dangote refinery

  • CBN Governor Emefiele says NGN will be liberalised after Dangote refinery comes online in mid-2022

  • Logic of linking two events is limited; we estimate FX savings of cUS$4bn from refinery, positive but not a game changer

  • Refinery will be instrumental in removing fuel subsidies, but doubtful it will ultimately lead to full FX liberalisation

Nigeria: FX overhaul promised post-Dangote refinery
Patrick Curran
Janet Ogunkoya
Janet Ogunkoya

Senior Research Analyst

Tellimer Research
21 October 2021
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