Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has predicted a reduction in the pump prices of Premium Motor Spirit (PMS) petrol as refineries, both government and private-owned, begin operations.
The announcement was made during the launch of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report in Lagos.
Cardoso emphasized the potential positive impact of stabilized or reduced fuel costs on various sectors, contributing significantly to overall economic efficiency and resilience.
He pointed out that Dangote Refinery has already initiated production, and the Port Harcourt Refinery is expected to follow suit soon.
Cardoso also stated that the naira is currently undervalued, expressing confidence that coordinated measures on the fiscal side will facilitate genuine price discovery in the near term.
“We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term,” he said.
