The Dangote Petroleum Refinery has played a decisive role in stabilising the Nigerian naira by alleviating foreign exchange pressure, according to George Elombi, president and chairman of the African Export-Import Bank (Afreximbank).
Elombi highlighted the refinery's contribution to curbing the nation's demand for imported petroleum products, which had previously drained foreign reserves and weighed heavily on the currency.
The assessment underscores the strategic importance of domestic refining capacity in Africa's largest economy.
By producing fuel locally, the refinery reduces the need for hard currency outflows to purchase imports, a structural shift that supports exchange rate stability.
This development aligns with broader efforts to improve Nigeria's balance of payments and reduce vulnerability to global oil price volatility.
The stabilisation of the naira has broader economic implications beyond the currency markets.