The Nigerian president inaugurated a $2.5 billion fertilizer plant that he hopes will contribute to the global supply of fertilizer amid rising prices following the Russia-Ukraine war.
KAMPALA | NOW THEN DIGITAL — Nigerian President Muhammadu Buhari launched a $2.5 billion fertilizer plant on Wednesday that aims to add to the world supply amid inflated prices caused by the conflict between Russia and Ukraine.
During the inauguration of the Dangote Fertilizer Plant in the commercial capital of Lagos, on Tuesday the Nigerian leader said the nation “stands to gain extensively” from production at the plant.
With the global fertilizer market jolted, Nigeria Central Bank Governor Godwin Emefiele said the inauguration of the plant is timely as it has “helped Nigeria to solve a perennial fertilizer problem.”
Agriculture is a lifeline for Nigeria’s economy, contributing 25.8% of its 173 billion dollar gross domestic product in 2021.
However, farmers are sometimes constrained with limited supplies such as fertilizer and improved seedlings.
With the new fertilizer plant with a capacity of 3 million metric tons annually, Nigeria expects “a boom as fertilizer is now readily available in greater quantities and better quality,” said Buhari.
‘‘We expect the rise of a new breed of agropreneurs who will add value to farming and make the nation self-sufficient in food production,’’ he said, inviting many Nigerians to “now take up agriculture as a business.”
Fertilizer from the plant located in an industrial zone in Lagos will be exported to many countries including the U.S., Brazil, India and Mexico, said Aliko Dangote, Africa’s richest man and owner of the plant, amid shock waves from Russia where an ongoing war with Ukraine has disrupted supplies.
Across the world, high fertilizer costs already threaten farmers amid sanctions on Russia, a major global supplier of fertilizer, where authorities in March urged domestic producers to temporary halt exports.
“Our goal is to make fertilizer available in sufficient quantity and quality for our teeming farmers, assuring greater agricultural output,” Dangote said of operations in the fertilizer plant.