Fuel Prices Will Crash In Nigeria, Says CBN Governor Cardoso

Adoga Stephen By Adoga Stephen - Editor-In-Chief
2 Min Read

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has predicted a decrease in the price of petrol in Nigeria.

Cardoso made this projection during the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos. He based his prediction on the upcoming operation of refineries in the country.

The Dangote Refinery has already started production, and the Port Harcourt Refinery is expected to begin production soon.

Cardoso believes that the expected stabilization or reduction in fuel costs will have significant implications for various sectors and contribute to overall economic efficiency and resilience.

Speaking generally about Nigeria’s economy, the CBN Governor said: “I am confident that we are already witnessing positive outcomes, and these will undoubtedly become more apparent in the near future. The dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy.”

“Indeed, recent reports from international rating agencies such as Fitch, Moody’s, and commendations from multilateral banks like 3 Classified as Confidential the World Bank reflect this, with upgrades to Nigeria’s ratings from stable to positive. These reports acknowledge the possible reversal of the deterioration in the country’s fiscal and external position due to the authorities’ reform efforts.”

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By Adoga Stephen Editor-In-Chief
Stephen studied Mass Communication at the Lagos State Polytechnic, Ikorodu (now Lagos State University of Science and Technology), where he acquired requisite training for the practice of journalism. He loves the media, and his interest mostly lies in print medium, where his creative writing skill makes him a perfect fit.