Experts urge a rise in crude output to support the naira

Chukwu claims that Nigeria's crude exports will decrease if the Dangote and Port Harcourt refineries start operating.Financial experts have advocated for a rise in the nation's crude oil production in order to strengthen the value of the naira.Johnson Chukwu, the founder of Cowry Asset Management Limited, claims that the Dangote Refinery will lessen the pressure on the foreign exchange market, but this effect will only materialize in the event that crude production rises.He said if the Dangote, and the Port Harcourt refineries come on stream, they will reduce Nigeria’s export of crude. Chukwu said, “In the first place, bear in mind that the country’s foreign exchange earnings are from crude and importation of fuel account for 30% of our total import, so if the refineries come on stream, it will reduce our export of crude and unless we have an increase in crude production any allocation to the local refinery will reduce the amount we made from crude sales.