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HomeTop NewsNigeria will earn sufficient foreign exchange from Dangote Fertilizer, says Buhari

Nigeria will earn sufficient foreign exchange from Dangote Fertilizer, says Buhari

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President Muhammadu Buhari on Tuesday said the government would gain excessively in foreign earnings from the new Dangote fertilizer plant, which he officially commissioned in Lagos on Tuesday.

According to President Buhari, the new fertiliser plant would reduce Nigeria’s importation of urea, adding that he hopes to inaugurate the Dangote Refinery later this year.

He hailed Africa’s richest man and Nigeria’s pride, Aliko Dangote, describing him as the biggest employer of labour after the Federal Government.

The world-class fertilizer plant was built at a cost of $2.5 billion, with the capacity to produce three million metric tonnes (mt) of urea per annum.

The president said the project 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.

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

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

“Along with the several other subsidiaries, Dangote Industries Limited has created millions 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 sector operators is vita security as it takes thousands of youths off the street. The nation also stands to gain excessively in earnings of foreign exchange with excess production and export from the plant.

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“I’m informed that you have started exporting to other countries including the United States, India and Brazil.”

“I look forward to inaugurating the refinery and petrochemical plant later in the year,” Buhari said.

While speaking at the event, president and chief executive officer (CEO) of Dangote Group, Aliko Dangote expressed 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.

He said 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 agriculture 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.”

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

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