Central Bank of Nigeria Governor Godwin Emefiele said the federal government would ensure payment of foreign debts before dealing with other obligations.
Emefiele said this while answering questions during a press briefing at the annual meetings of the International Monetary Fund / World Bank in Washington DC, United States.
“We have ensured that all of our outstanding debts are given the highest priority, especially foreign debt.
“It’s like a front line accusation, and the minister is telling me about it. And we make sure that wherever we find the dollar, we will pay off any of our debts, even before we have honored any obligation. It is a rule if it is the genuine sovereign debt of Nigeria, ”he said.
He added that when the Dangote refinery begins production no later than July 2022, it will be a major source of currency savings for the country.
He said importing petroleum products currently consumes about 30 percent of the forex spent on imported items.
Noting the ability of the Dangote refinery to process 650,000 barrels of crude oil per day into petroleum products, Emefiele said the country would save forex and export these refined products.
“We know that refineries that are overseas are already scared because they know the market they are going to lose because we know that Nigerians will prefer to frequent that (the Dangote refinery) rather than frequent refined products. imported from abroad where we will save transport and logistics, “Emefiele said.