President Muhammadu Buhari says the 2.5 billion dollar Dangote Fertiliser Plant in Ibeju Lekki, Lagos, will boost Nigeria’s foreign exchange earnings and accelerate economic growth.

Buhari spoke on Tuesday while inaugurating the three million metric tones per annum urea production plant.

He said: “This fertilizer plant is further expected to enhance our administration’s drive towards achieving self-sufficiency in food production in the country.

“I commend the Chairman, Board, and Management of Dangote Industries Ltd., for their business initiative in establishing this plant.

“It will reduce our dependence on importation of fertilizer, 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.

China becomes world leader in computing power

He said: “Dangote Industries Ltd. has created thousands of jobs across Nigeria. It is the second biggest employer of labor 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 help to secure the future of our nation,” said Buhari.

He noted that the agricultural sector was a critical aspect of the economy and availability and affordability of fertilizer would lead to increased yields for farmers.

Buhari added that he was expecting a rise of new breeds of ‘ecopreneurs’ who would take to farming and make the nation self-sufficient in food production.

He said: “I want to assure all Nigerians that our government is focused on providing the enabling environment for the private sector to thrive.

“We will continue to improve on infrastructure, power and security, and other initiatives that will drive investments in our economy.

“Furthermore, we are partnering with the private sector through a tax credit scheme for the rehabilitation of roads across Nigeria under Executive Order Seven.

“We know good roads contribute to easy movement of goods and services across the nation thus reducing the cost of doing business and improving productivity.

“We are also rehabilitating our railway lines and building new ones to lessen the burden on our roads and create an effective modern transportation network.”

Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), lauded the Buhari-led administration for the support to end the shortage of fertilizer in the country.

Emefiele noted that this had led to a significant increase of active fertilizer blending plants in Nigeria from seven in 2015 to 48 in 2022.

He said the import bill on fertilizer had not only dropped significantly but the country was now earning forex through the exportation of fertilizer.

Lagos State Governor, Mr. Babajide Sanwo-Olu, said the Lekki Free Trade Zone was conceived by former Governor Bola Tinubu in 2003 to attract investments to the state.

He said the free trade zone today was host to Dangote Fertilizer Plant, which was the largest fertilizer plant in Africa and the second-largest in the world.

The governor said there was also the 650,000BPD Dangote Refinery and Petrochemical Plant and the Lekki Deep Sea Port within the same axis, making it a prime investment destination.

China becomes world leader in computing power

On their part, Mr. Niyi Adebayo, Minister of Trade, Industry, and Investment, and Dr. Mohammad Abubakar, Minister of Agriculture and Rural Development, enjoined other companies to emulate the strides of Dangote Industries Ltd.

Earlier, Alhaji Aliko Dangote, President, Dangote Industries Ltd., said the fertilizer plant would drastically reduce the level of unemployment and youth restiveness through the generation of direct and indirect employment.

Dangote said: “Agriculture accounts for over 20 percent 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 fertilizer 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 fertilizer.

“Our goal is to make fertilizer available in sufficient quantities and quality for our teeming farmers, assuring greater agricultural output.” (NAN)