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Buhari Inaugurates $2.5b Dangote Fertiliser Plant In Lagos

President Muhammadu Buhari
President Muhammadu Buhari
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March 22, (THEWILL) – Nigeria is expected to raise a new breed of agriculture entrepreneurs, as the country seeks to achieve sufficiency.

President Muhammadu Buhari, stated this on Tuesday, at the inauguration of the Dangote Granulated Urea Fertiliser Plant in Lekki Free Trade Zone, Lagos Nigeria.

Buhari said; ‘‘this Fertiliser Plant is expected to further advance our administration’s drive towards achieving self-sufficiency in food production in the country”, adding that the factory is in line with the government’s drive to ensure food sufficiency in the country.

“This is a demonstration of enhancing the socio-development of the country”, he said, while also commending the Dangote Fertiliser team.

He assured Nigerians that his government is focused on providing an enabling environment for the private sector to thrive.

“We are partnering with the private sector, through a tax credit scheme on road constructions in the country and rehabilitating railway lines for ease movement of goods”, he added.

He commended the Chairman, Board and Management of the Dangote Industries Limited, for their business initiatives by building the plant to end Nigeria’s dependence on Fertiliser importation, create jobs, increase the inflow of foreign exchange and accelerate economic growth.

The CEO of the Dangote Group, Aliko Dangote, said the largest Urea Granulated Fertiliser plant in Africa was designed to meet the needs of farmers according to what their crops require.

Dangote said; “The goal is to make Fertiliser available for farmers in Nigeria as a means of boosting agriculture activities.”

Expressing delight at the success of the fertiliser plant, Dangote said the plant is the largest in Africa and the second-largest urea plant in the world, adding that the products from plants have reached the African market, and across Brazil, India, and Mexico.

“It is an ambitious project that will reduce unemployment in Nigeria”, he said.

“Low fertiliser usages have been the reason for low yield of agricultural products in the sector.”Our goal is to make fertiliser available in quantity for our farmers. We are rolling out initiatives that will transform the agric sector for all.

“This will boost productivity and enhance output across the nation.”

The Dangote Fertiliser plant has the capacity to produce 3 million metric tons of Fertiliser per annum in phase 1, with Nigeria estimated to need about 5 to 7 million metric tonnes per annum of fertiliser and with the current level of fertiliser consumption in the country which is 1.5 million metric.

The project, which is the second largest in the world, according to Dangote Industries Limited, cost about $2.5 billion. The company said the capacity of the plant will be expanded to produce multi grades of fertiliser to meet soil, crop, and climate-specific requirements for the African continent.

The plant, which sits on 500 hectares of land in Lekki Free Trade Zone, is also expected to provide thousands of jobs and end youths’ restiveness, earning millions of dollars in export among others.

Dangote appreciated the Central Bank of Nigeria (CBN) and other agencies of government for their support.

On his part, the CBN governor, Godwin Emefiele said the Bank would continue to give more incentives to investors and businesses in the Fertiliser industry.

Emefiele also said since the plant became operational and exporting to nine countries including the USA, Nigeria’s importation bill on Fertiliser has declined significantly, while gains were recorded in export of the product.

The National Bureau of Statistics in its latest report, showed that Agricultural contribution to the Gross Domestic Product stood at 27%.

Emefiele said the CBN would continue to provide necessary support for Fertiliser investors and businesses with forex needed for their transactions.