Nigeria: Inauguration of Africa’s largest fertilizer factory – VivAfrik

Nigeria: Inauguration of Africa’s largest fertilizer factory – VivAfrik
Nigeria: Inauguration of Africa’s largest fertilizer factory – VivAfrik

Nigerian President Muhammadu Buhari inaugurated a fertilizer factory worth $2.5 billion on Tuesday, May 7, 2024, amid the impact of rising prices following the Russia-Ukraine war.

“Nigeria’s dependence on imported products in the agricultural sector will soon be a thing of the past,” the Nigerian leader said at the inauguration of the Dangote Fertilizer Factory in Lagos, the commercial capital, in addition to other agricultural initiatives, including incentives for farmers.

While the global fertilizer market has been shaken, the Governor of the Central Bank of Nigeria, Godwin Emefiele, believes that the inauguration of the plant is timely, as it has “helped Nigeria resolve a eternal fertilizer problem.

Agriculture is a vital part of Nigeria’s economy, contributing 25.8% of its Gross Domestic Product (GDP) of N72.3 trillion in 2021. However, farmers are sometimes limited by a restricted supply of fertilizer and improved seeds.

With the new fertilizer plant with a capacity of 3 million metric tons per year, Nigeria expects “a boom because fertilizer is now readily available in greater quantity and better quality”, Mr. Buhari.

“We expect the emergence of a new breed of agropreneurs who will add value to agriculture and make the nation self-sufficient in food production,” he added, calling on many Nigerians to “ now go into farming as a business.”

Fertilizers from the factory located in an industrial area of ​​Lagos will be exported to many countries, including the United States, Brazil, India and Mexico, said Aliko Dangote, Africa’s richest man and factory owner, amid shockwaves from Russia where an ongoing war with Ukraine has disrupted supplies.

Worldwide, high fertilizer costs are already threatening farmers amid sanctions on Russia, one of the world’s top fertilizer suppliers, where authorities in March asked domestic producers to temporarily stop 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,” Dangote said, adding that the plant will also “significantly reduce the level of unemployment” in the nation with 33% unemployment rate in December 2020.

“Our goal is to make fertilizers available in sufficient quantity and quality to our many farmers, to ensure greater agricultural production,” Dangote said of the fertilizer factory’s operations.

(africanews)

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