The inauguration of the estimated $2.5 billion world-class fertilizer plant, with the capacity to produce 3 million metric tons (mt) of urea per year, took place in the Free Zone on Tuesday. -exchange of Lagos, Lekki.
President Buhari inaugurated the fertilizer plant in the presence of dignitaries including Aliko Dangote, Chairman of Dangote Industries Limited, Governor of Lagos State Babajide Sanwo-Olu, Governor of the Central Bank of Nigeria Godwin Emefiele and Trade and Investment Minister Niyi Adebayo.
During the official cutting of the plant, the president said that the project aligns with the will of the government to ensure food sufficiency in the country.
“It is a demonstration of the improved socio-economic development of the country,” he said while congratulating the Dangote Fertilizer team.
“We are working in partnership with the private sector through a tax credit program for the construction of roads in the country and the rehabilitation of railway lines to facilitate the movement of goods,” he added.
Dangote, for his part, welcomed the success of the fertilizer plant, which he said is the largest in Africa and the second largest urea plant in the world.
Commenting on the plant’s successful inaugural launch, Dangote said, “This is an ambitious project that will reduce unemployment in Nigeria.”
According to him, “The factory will boost productivity and improve production throughout the country, as the factories’ products have reached the African market, as well as Brazil, India and Mexico.
He added that “Low fertilizer usage has been the reason for the low yield of agricultural products. Our goal is to make fertilizer available in quantity for our farmers. We are rolling out initiatives that will transform the agricultural sector for all.
According to Dangote Industries Limited, the project was constructed at a cost of $2.5 billion, with the capacity to produce 3 million metric tons (mt) of urea per year.
The company said the plant’s capacity would be expanded to produce multiple grades of fertilizer to meet the specific soil, crop and climate requirements of the African continent.