President Muhammadu Buhari has predicted agriculture and economic growth following the launch of the $2.5 billion Dangote Fertiliser Plant in Ibeju-Lekki, Lagos.
He spoke while inaugurating the plant with an installed capacity of producing three million metric tonnes (mt) of urea yearly.
The plant is the world’s second-largest.
The President noted that with the plant already exporting fertilizer to the United States of America (USA), India and Brazil, among other countries, it is expected to trigger huge job creation opportunities, wealth, and secure the country’s agricultural future.
The plant is situated on 500 hectares of land in the Lekki Free Trade Zone.
It is reputed as Africa’s largest Granulated Urea Fertiliser complex and expected to add well over $400 million in foreign exchange to the Nigerian economy from the exportation of the products to other African countries.
Buhari noted that the plant would result in Nigeria becoming self-sufficient in fertiliser production.
He said: “The fertiliser plant we are commissioning today can provide multiplier effects on our economy, including job creation, which is a key goal of my administration.
“The nation also stands to gain extensively in earnings of foreign exchange from the excess production of the plant. I am informed that we have already started exporting to the USA, Brazil and India.
“The coming on stream of the plant is creating huge opportunities in the areas of employment, trade, warehousing, transport and logistics. This will drastically create wealth, reduce poverty and secure the future of our nation.
“In the agricultural sector, another focal point of our economic policy, we expect a boom as fertiliser is now readily available.
“Many Nigerians who hitherto practised subsistence farming because of the non-availability of necessary inputs can now take up agriculture as a business.
“We expect a rise of a new breed of solopreneurs who will add value to farming, and make the nation self-sufficient in food production.”
