$2.5bn Dangote Fertilizer Plant will boost food production, export – Buhari

President Muhammadu Buhari on Tuesday, inaugurated the $2.5 billion Dangote Fertilizer plant in Lagos, saying Nigeria stands to enjoy a boom in foreign exchange through the exportation of the product.

The president said that the plant would help further his administration’s drive towards achieving self-sufficiency in food production.

The plant is said to have the capacity to produce three million metric tonnes of fertiliser yearly.

The President, who expressed happiness over the massive multi-billion dollar plant, also said it would reduce the nation’s dependence on imported fertiliser.

“I am delighted to commission this Dangote Fertiliser plant which has the capacity of producing three million metric tons of Urea per annum which makes it the second of such plants in the world.

“This is expected to further our administration’s drive towards achieving self-sufficiency in food production, in the country.

“I commend the chairman, board and management of Dangote Industries Limited for their business initiative in bringing this plant which will help in reducing the importation of fertiliser, create jobs and increase the inflow of foreign exchange and accelerate economic growth.

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“This new plant is a renewed testament to the widely-acknowledged economic patriotism of Aliko Dangote; it also demonstrates their commitment to the social-economic development of our country and the wellbeing of our people,” the president said.

Buhari added also that Dangote holds the record as the continent highest cement producer. He said the group’s investment in cement plants spanning the value chain has ended Nigeria’s dependence on the importation of cement.

“Along with other subsidiary companies, Dangote Industries limited has created thousands of jobs across Nigeria.

“It is the second biggest employer of labour in this country after the Federal Government. This is very pleasing because job creation by private operators reduces insecurity and take the youths off the streets. The nation also stands to gain extensively in earning foreign exchange from the excess production and export from the plant.

“I have been informed that it has already started exporting to other foreign countries including the United States, India and Brazil. The plant is creating huge opportunities in the area of job creation, warehousing, transport and logistics. This will create significant wealth, reduce poverty, and help in securing the future of our nation. In the agricultural sector, another focal point of our economic policy will expect a boom in fertiliser which is already available in greater quantity,” the president said.