Nigerian President Muhammadu Buhari on Tuesday 22nd March,2022 inaugurated a $2.5 billion fertilizer plant with which is Africa’s largest fertilizer plant hopes to contribute to the global supply amid the impact of increasing in fertilizer prices globally.
Nigeria new fertilizer plant is expected to produce a capacity of 3 million metric tons annually, “Nigeria’s dependence on imported products in the agriculture sector will soon be a thing of the past,” the Nigerian leader said during the inauguration in Lagos, the commercial capital, of expectations from the Dangote Fertilizer Plant In addition to other agricultural initiatives including incentives to farmers.
With the global fertilizer market jolted, Nigeria Central Bank Governor Godwin Emefiele said the inauguration of the plant is timely as it has “helped Nigeria to solve a perennial fertilizer problem.”
Agriculture is a lifeline for Nigeria’s economy, contributing 25.8% of its 72.3 trillion naira gross domestic product in 2021. However, farmers are sometimes constrained with limited supplies such as fertilizer and improved seedlings.
According to Africanews.com the new fertilizer plant is owned by Africa’s richest man, Aliko Dangote.
Speaking at the inaugural ceremony the most celebrated business mogul Aliko Dangote,disclosed that 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 .
Across the world, high fertilizer costs already threaten farmers amid sanctions on Russia, a major global supplier of fertilizer, where authorities in March urged domestic producers to temporary halt exports.
“ The new plant will make Nigeria self-sufficient in fertilizer production with excess capacity to export to other African markets and the rest of the world ,” said Dangote.
“ Our goal is to make fertilizer available in sufficient quantity and quality for our teeming farmers, assuring greater agricultural output ,” Dangote said of operations in the fertilizer plant.