Chizea Explains Why He Did Not Become Deputy Governor of the CBN

In an interview with Okay Onyenweaku and Emeka Ejere, economist and business development consultant Dr. Boniface Chizea emphasizes that Nigeria’s progress requires timely decisions and placing the right people in appropriate roles.Excerpts To what extent do you think the Naira-for-crude policy can help the local currency? Dr. Chizea argues that it’s inappropriate for Nigeria to rely on the dollar, as it is not a legal currency in the country.

He highlights the expectations surrounding the Dangote Refinery, which many hoped would improve the economic situation. Instead, the outcome has been disappointing, with fuel prices rising more than anticipated.He points out that Nigeria’s main issue is a failure to take necessary actions at the right times. The Dangote Refinery had promised to sell in naira, which should help reduce foreign exchange spending, especially since about 30 percent of Nigeria’s forex is spent on importing fuel.Chizea believes that the expectation was that the refinery would save the country a significant amount of foreign currency.

Therefore, the idea of paying Dangote in dollars contradicts this goal and shouldn’t be entertained.While some claim that Dangote will pay foreign workers in dollars, Chizea argues that the refinery primarily produces for export and has local expenses that should be covered in naira. He suggests that even if some foreign employees receive dollars as incentives, it would still violate Nigerian law.

Although the dollar is a global currency, it shouldn’t be treated like naira within Nigeria.He recalls that when the current government took office in May 2023, the fuel price was N197 per litre, and now it has skyrocketed to around N900 without any substantial economic changes justifying such an increase.