Africa’s richest man, Aliko Dangote, has officially launched his fertilizer plant in Lagos.
The Plant is Africa’s largest Granulated Urea Fertiliser complex and second largest in the world, Dangote claimed while commissioning the project on Tuesday.
The new plant occupies 500 hectares of land in Lekki Free Trade Zone, Lagos, and has gulped $2.5bn.
It is estimated that the plant will help Nigeria save $125m in import substitution as well as provide $625m from exports of products.
Dangote revealed that products from the plants have already reached African markets, the United States, Brazil, and Mexico.
Nigeria has a fertilizer gap of 5 million to 7 million metric tonnes per annum of fertilizer.
Currently, the country’s consumption level is at 1.5 million metric tonnes, while the plant has a production capacity of 3 million metric tonnes per annum of urea fertilizer in phase 1.
The Forbes billionaire revealed that the Central Bank of Nigeria and the Nigerian National Petroleum Company were crucial to the development of the plant.
He said,
“Dangote fertilizer will partner with key stakeholders in the industry including farmers association, NPK blenders, NGOs/development partners, and state governments of Nigeria.
“This company is an outcome of many years of collaboration and partnership with many institutions and individuals. May I recognize and appreciate the Central Bank of Nigeria and my dear friend Godwin Emefiele for his uncommon support and encouragement.
“The CBN under his leadership has extended tremendous support, especially during some very difficult stages ensuring the attainment.
“I must appreciate the immense corporation and support we have received from the Nigerian National Petroleum Corporation. My amiable brother Mele Kyari the GMD of NNPC has left no stone unturned to ensure the availability of natural gas without which this mason will never have been achieved.”
He also named the Chief of Naval Staff, Auwal Gambo, and the Minister of Finance Budget and National Planning, Zainab Ahmed as key to the success of the plant.
“We will always be grateful to the various local and foreign financial institutions, especially our Nigerian banks, for not only investing in us but for the expertise and sensitivity they brought together in ensuring the viability and the success of the execution of the great project,” he said.
Dangote also named the president of Afreximbank, Benedict Oramah for his “support and advice through this venture.”
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