- Nigerian President Muhammadu Buhari inaugurated a $2.5 billion fertilizer plant located in an industrial zone in Lagos. President was hopeful that Nigeria will benefit from the production as well as contribute to the global supply of fertilisers.
Amidst deep concerns about the disruption of the global supply of fertilisers as a fallout of the Ukraine-Russian war, Nigerian President Muhammadu Buhari inaugurated a $2.5 billion fertilizer plant located in an industrial zone in Lagos. President was hopeful that Nigeria will benefit from the production as well as contribute to the global supply of fertilisers. Sanctions on Russia, a major global supplier of fertilizer has led to spiralling prices of fertilisers across the world.
Though Oil is the major revenue earner for Nigeria, the Agriculture sector is regaining its vital position in the economy. The Agriculture sector contributed 25.8% of its 173 billion dollars gross domestic product in 2021.There is an increasing emphasis on the part of the government to diversify from oil and diversify the economy. Nigerian farmers frequently face issues of limited supplies such as fertilizer and improved seedlings. With the new fertilizer plant with a capacity of 3 million metric tons annually, fertilizer will be easily available in greater quantities and better quality. The President invited more agropreneurs to add value to farming and make the nation self-sufficient in food production.
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Over and above meeting the domestic demands, the company plans to export to many countries including the U.S., Brazil, India and Mexico, said Aliko Dangote, Africa’s richest man and owner of the plant.
