President Muhammadu Buhari, on Tuesday, inaugurated the Dangote Fertiliser Plant at the Lagos Free Trade Zone, Lekki, Lagos State.
The Dangote Fertiliser Plant has been estimated to produce three million metric tonnes of urea per annum.
According to Dangote Industries Limited, the project cost about $2.5 billion.
Speaking at the inauguration on Tuesday, President Buhari said the fertiliser plant was in line with the government’s drive to ensure food sufficiency in Nigeria, adding that the project was a demonstration of enhancing the socio-development of the country.
He said: “This fertiliser plant is further expected to enhance our administration’s drive towards achieving self-sufficiency in food production in the country.
“It will reduce our dependence on importation of fertiliser, create jobs, increase the inflow of foreign exchange and accelerate economic growth.”
According to him, the establishment of the plant demonstrates the commitment of Dangote Industries Ltd. to the socio-economic development of the country and the well-being of Nigerians.
The president expressed optimism that the investment in the plant would replicate the group’s earlier experience in the cement sector where it had become a leading name in Nigeria and across the African continent.
He said: “Dangote Industries Ltd. has created thousands 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 the private sector will help to improve security and take thousands of youths off the streets.”
The president said the nation also stood to gain extensively in forex earnings through excess production and exports from the plant.
“I am informed that you have already started exporting to other countries including the United States, India and Brazil.
“The coming on stream of the plant is creating huge opportunities in the area of job creation, trade, transport and logistics to earn significant wealth, reduce poverty and helping to secure the future of our nation,” said Buhari.
Buhari further assured Nigerians that his administration is focused on providing enabling environment for the private sector to thrive.
READ ALSO: 2021: Dangote records 9.2% increase in sugar production
“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,” the President added.
Also speaking at the event, the President and Chief Executive Officer (CEO) of Dangote Group, Aliko Dangote, expressed joy at the completion of the fertiliser plant.
Dangote, who said the plant is the largest in Africa and the second-largest urea plant in the world, stated that the project would reduce unemployment in Nigeria
He said: “Agriculture accounts for over 20 per cent of Nigeria’s Gross Domestic Product, and the country is a leading producer of various agricultural commodities.
“The sector has the potential of becoming the biggest source of income for our nation, providing employment and raw materials for industries.
“However, low fertiliser usage has been a major reason for low productivity in the sector.
“It is common knowledge that non-availability of the product, in quantity and quality, rather than affordability, is the primary constraint to the use of fertiliser.
“Our goal is to make fertiliser available in sufficient quantities and quality for our teeming farmers, assuring greater agricultural output.”
- Tinubu: I removed fuel subsidy to stop Nigeria from bankrupt - April 28, 2024
- Tinubu to Samsung: Nigeria, best place for tech investment - April 28, 2024
- Nigeria secures $600m investment with Danish shipping coy Maersk - April 28, 2024
