Home Nigeria Nigeria Launches $2.5 billion Fertilizer Plant

Nigeria Launches $2.5 billion Fertilizer Plant

132
0
SHARE

A $2.5 billion fertilizer plant was launched by the Nigerian President, Muhammadu Buhari, on Tuesday, 22nd March 2022.

The country hopes to contribute to the global supply of fertilizer amid the impact of increasing prices in the aftermath of the Russia-Ukraine war.

During the launching of the Dangote Fertilizer Plant in the capital of Lagos, the Nigerian President said the nation “stands to gain extensively” from production at the plant.

Nigeria Central Bank Governor, Godwin Emefiele said the launching of the fertilizer plant is timely as it has “helped Nigeria to solve a perennial fertilizer problem.”

Agriculture is one of the major boosters of Nigeria’s economy. It contributed 25.8% of its 173 billion dollars gross domestic product in 2021.

However, there is a setback because limited supplies of fertilizers and unimproved seedlings affect production.

The new fertilizer plant with a capacity of 3 million metric tons annually, will make fertilizer readily available in greater quantities and better quality.

‘‘We expect the rise of a new breed of agropreneurs who will add value to farming and make the nation self-sufficient in food production,’’ the president said, inviting many Nigerians to “now take up agriculture as a business.”

Fertilizer from the plant located in an industrial zone in Lagos will be exported to many countries including the U.S., Brazil, India, and Mexico, said Aliko Dangote, Africa’s richest man and owner of the plant, amid shock waves from Russia where an ongoing war with Ukraine has disrupted supplies.

High fertilizer costs already threaten farmers across the world as a major global supplier of fertilizer, Russia, restricts domestic producers to temporarily halt exports.

LEAVE A REPLY