Nigeria is expected to raise a new breed of agriculture entrepreneurs as the country seeks to achieve sufficiency.
President Muhammadu Buhari stated this at the commissioning of the Dangote Fertilizer Granulated Urea Fertilizer Plant in Lekki Free Trade Zone, Lagos Nigeria.
President Buhari said; ‘‘this Fertilizer Plant is expected to further advance our administration’s drive towards achieving self sufficiency in food production in the country.”
Commendation
He commended the Chairman, Board and Management of the Dangote Industries Limited for their business initiatives by building the plant to end Nigeria’s dependence on Fertilizer importation, create jobs, increase the inflow of foreign exchange and accelerate economic growth.
The Fertilizer Plant which is the second largest in the world was built at the cost $2.5 billion.
The plant which sits on 500 hectares of land in Lekki Free Trade Zone, is also expected to provide thousands of jobs and end youths restiveness, earn millions of dollars in export among others.
The CEO of the Dangote Group, Aliko Dangote said the largest Urea Granulated Fertilizer plant in Africa was designed to meet the need of farmers according to what their crops require.
Dangote said; ”the goal is to make Fertilizer available for farmers in Nigeria as a means of boosting agriculture activities.”
The plant has the capacity to produce 3 million meteric tons of Fertilizer per annum in phase 1 with Nigeria estimated to need about 5 to 7 million metric tonnes per annum of fertilizer and with the current level of fertiliser consumption in the country which is 1.5 million metric.
Business Support
The Central Bank of Nigeria’s CBN, Governor Godwin Emefiele said the Bank would continue to give more incentives to investors and businesses in the Fertilizer industry.
Emefiele also said since the plant became operational and exporting to nine countries including the USA, Nigeria’s importation bill on Fertilizer has declined significantly while gains were recorded in export of the product.
The National Bureau of Statistics in its latest report showed that Agricultural contribution to the Gross Domestic Product stood at 27%.
Emefiele said the CBN would continue to provide necessary support for Fertilizer investors and businesses with forex needed for their transactions.
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