How importation of petrol depreciates value of naira – Kachikwu

Kachikwu ibe


The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday observed that the huge demand for foreign exchange, FOREX, for the importation of petroleum products into the country is to be blamed for the continued fall in the value of the naira against major currencies.

This was as he pointed out the need to import petroleum products accounts for between 30 and 40 per cent of foreign exchange demand, adding that the failure of the nation’s refineries to work optimally has led to shortfall in the availability of FOREX in the open market.
Stressing that proactive steps are required to bring Nigeria’s economy back on positive track, he said, “We need to get our refineries to work optimally, in order to inject funds back to the economy. It is taking us four to six months to go through processes and bureaucracy even to get investors coming into the country and inject money to take the refinery to the point where it is needed.
 

Comments

Post a Comment

Popular posts from this blog

My Fame is Enough for me and my Family, no one will hear about my marriage – D’banj

Image
Nigerian singer, born Oladapo Daniel Oyebanjo, popularly known as D’banj, says his marriage will be a quiet one, that nobody would be aware of it. He noted that his status as a married man ‘when it happens’, would not make him put an end to his music career. In a chat with the Punch, he said, “I would tell you the truth, I am not married but if I am, nobody would hear about it. Besides, who says I am not married? “It is going to be a very quiet wedding because I am tired of people asking me that question. It is my personal life and it is not going to change my music or brand. “I am not going to get married just because people want me to, neither would I do it just to enter another phase of my life just like some of my colleagues have done. They make it seem as if once you are married you have retired. But that should not be the case. “Marriage would not change anything about me and whenever it happens, nobody would hear about it, there would only be speculations. My wife w
Read more

If Jonathan had continued, Nigeria would have been for sale by now – Fr. Mbaka

Image
Founder and Spiritual Director of the Adoration Ministry, Enugu-Nigeria, AMEN, Rev’d Fr. Ejike Mbaka, has said if the Jonathan-led administration had continued with the leadership of Nigeria, the country would have been put up for sale by now. The Catholic clergy wondered who would have bought the country in the first place. In a new message he preached in his church recently, Mbaka said, “Had it been the last regime and administration continued, by now Nigeria would have been for sale.   “Who will buy?” he quizzed. Speaking further, the controversial priest observed that President Buhari’s administration is devoid of ethnic or racial discrimination, noting that President Buhari is for everyone. He said, “There is nothing like religious, racial discrimination in Buhari’s administration. He is a man for all. “Buhari is a prayer answered. The bishops and Catholics in Nigeria prayed against bribery and corruption and this president came with war against corrupti
Read more

President Buhari’s Children’s Day message

Image
I heartily greet and felicitate with all Nigerian children on the occasion of this year’s Children’s Day celebration. I seize the opportunity of this year’s celebration which comes just two days before the first anniversary of the present Administration, to reassure our children and youth that we remain fully committed to fulfilling our promise of a better Nigeria for all of our people. On this happy occasion for our children, I reaffirm my belief that it is the right of every Nigerian child to have access to quality and affordable education, as well as healthcare and other basic necessities for a good life, in a peaceful and secure environment. The good health and well-being of Nigerian children remain a top priority on our agenda for national development and we have demonstrated our strong commitment in this regard with the allocation of N12.6 billion in the 2016 budget for vaccines and programmes to prevent childhood killer diseases such as polio, measles and yellow feve
Read more