Following the coming of the $2.5 billion Dangote Fertilizer Plant in Ibeju-Lekki, Lagos, President Muhammadu Buhari has expressed believe that the country’s foreign exchange will see a significant boost as a result of increased exportation by the newly commissioned plant. He spoke while inaugurating the plant which is the world’s second-largest with an installed capacity of producing three million metric tons (mt) of urea yearly.
He noted that with the plant already exporting fertilizer to the United States of America (USA), India and Brazil, among other countries, it is expected to trigger huge job creation opportunities, wealth, and increase the country’s FX earnings.
He said: “The fertilizer plant we are commissioning today has the capacity to provide multiplier effects on our economy, including job creation. The nation also stands to gain extensively in earnings of foreign exchange from the excess production of the plant. I am informed that we have already started exporting to USA, Brazil and India. The coming of the plant is creating huge opportunities in the areas of employment, trade, warehousing, transport and logistics. This will drastically create wealth, reduce poverty increase our FX earnings and secure the future of our nation”.
The President noted that along with several other subsidiaries, the Dangote Group is the second biggest employer of labour in the country, after the Federal Government.
Central Bank of Nigeria (CBN) Governor Emefiele described the commissioning as an “emotional” one for himself and the bank.
“I am delighted, extremely elated indeed that a Nigerian in the person of Alhaji Aliko Dangote has taken not just this great initiative of helping to solve a perennial petrochemical imports problem, but has taken advantage of the emerging huge market opportunity presented by recent developments.” He said
With the recent downtime Nigeria’s foreign exchange has been facing, the coming of Dangote Fertilizer plant would be a huge relief for the country if the words of the President are anything to go by.
The plant is situated on 500 hectares of land in the Lekki Free Trade Zone, it is said to be Africa’s largest Granulated Urea Fertilizer complex and is expected to add well over $400 million in foreign exchange to the Nigerian economy from the exportation of the products to other African countries.