Economy

My fertilizer plant will provide $625 million from exports  –  Africa’s richest man, Aliko Dangote says

In his speech, the President of Dangote Group, Aliko Dangote, believes the plant will make Nigeria self-sufficient in fertiliser production, with excess capacity to export to other African markets and the rest of the world.

President Muhammadu Buhari Tuesday commissioned the Dangote Fertiliser Plant in the Ibeju-Lekki area of Lagos.

Danote made the remakrs when the President inaugurated the multi-billion dollar facility on Tuesday at an event well attended by many political, traditional, and religious leaders.

Some of the guests include the President of the Senate, Ahmad Lawan; Speaker of the House of Representatives, Femi Gbajabiamila; Chairman of the Nigeria Governors’ Forum, Kayode Fayemi; as well as members of the forum including Babajide Sanwo-Olu (Lagos), Darius Ishaku (Taraba), and Badaru Abubakar (Jigawa).

Dangote described the commissioning as very historic, saying it is the largest granulated urea plant in Africa and the second-largest in the world.

Africa’s richest businessman hinted that the plant would help Nigeria retain about $125 million in import substitution and provide $625 million from exports of its products.

“It is an ambitious developmental project which will drastically reduce the level of unemployment and youth restiveness in this country, through the direct and indirect employment,” he said.

“Our goal is to make fertiliser available in sufficient quantities and quality for our teeming farmers in achieving greater agricultural outputs and to help realise this potential, we are rolling out initiatives that will transform the agriculture sector including services for all small and medium-scale farmers.”

Dangote informed the audience at the event that the plant has established well-equipped soil testing laboratories to ensure appropriate fertiliser blends were applied to specific soil and crop types.

The Dangote Fertiliser Plant is Africa’s largest granulated urea fertiliser complex. It occupies 500 hectares of land in the Lekki Free Trade Zone and was built at about $2.5 billion.

It is expected to help Nigeria retain $125 million in import substitution and provide $625 million from exports of products from the fertiliser plant.

While Nigeria is estimated to need about five to seven million metric tonnes of fertiliser per annum amid its current level of fertiliser consumption which is 1.5 million metric tonnes, the Dangote fertiliser complex was established to produce three million metric tonnes of urea fertiliser per annum in its first phase.

In the course of its construction, the complex is said to have provided about 5,000 direct and indirect jobs in all categories, an additional 5,000 jobs within the community, as well as created 500 permanent jobs.

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