“We also hope that by the time the Refinery start to refine, and sell its petroleum products in Naira, the local currency will be stronger, and by extension the nation’s economy, which is still oil-driven. According to him, this is expected to help Nigeria save about 41 per cent of its foreign exchange that is being expended on the importation of refined petroleum products. Emefiele, who noted that the first shipment of Urea from the Dangote Fertiliser Plant would begin in March 2021, said: ”Based on agreement and discussions with the Nigerian National Petroleum Corporation and the oil companies, the Dangote Refinery can buy its crude in Naira, and refine it for Nigerians in Naira’, said: “That is the element where foreign exchange is saved for the country becomes very clear. We are also very optimistic that by refining this product here in Nigeria, all those costs associated with either demurrage from import, costs associated with the freight will be totally eliminated. If we are lucky that what the refinery produces is more than we need locally you will see Nigerian businessmen buying small vessels to take them to our West African neighbours to sell to them in naira. “This will increase our volume in naira and help to push it into the Economic Community of West African States as a currency.” Expressing confidence that the refinery would be completed by the first quarter of 2022, Emefiele, said: “I am saying that by this time next year, our cost of import of petroleum products for petrochemicals or fertilizer will be able to save that which will save Nigeria’s reserve.