Products from Dangote Industries Limited’s $2 billion granulated urea fertilizer facility will be accessible in the market on Monday, according to the company.
Aliko Dangote, the chairman of the Dangote Group and Africa’s richest man, revealed this on Friday.
According to Dangote group, the plant has been certified and licensed by all regulatory authorities in Nigeria.
Godwin Emefiele, governor of the Central Bank of Nigeria, was on an inspection tour of the facility, accompanied by Dangote, as well as chief executive officers of top Nigerian banks.
The fertilizer plant, located at Ibeju Lekki, Lagos, has a name-plate annual capacity of three million tons of urea and ammonia — largest in the world.
“All permits have been obtained from the National Security Adviser, the Ministry of Agriculture, the Nigerian Standard Organization, NAFDAC, and all other authorities,” he stated.
“So, starting Monday, our urea will be on the market, and with God’s grace, we’ll be pulling in revenue from the first line we’ve commissioned by the end of the month.”
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The billionaire businessman said that the urea fertilizer plant would bring about $1.2 billion dollars into the country in terms of foreign exchange.
On his part, Emefiele said that Nigeria had the potential to export at least 3.5 million metric tonnes of urea to different parts of the world.
“We would have close to approximately five metric tonnes capacity of urea by the time we add what we have to the existing capacity from Indorama, which is around 1.5 million metric tonnes, and Notore, which is maybe 300 metric tonnes,” the CBN governor said.
“Nigeria is one of the biggest producers of urea in the world. This is a story that no one would have believed if it hadn’t been told to me.
Speaking on behalf of the bankers, Herbert Wigwe, the group managing director of Access Bank Plc, commended Dangote for the creation of a world class manufacturing enterprise in Nigeria.
”There was a lot of skepticism along the way as we moved on; can this product be completed, are we sure we have the right financing models and all of that,” he said.
“Today we saw urea produced , we saw it bagged and we saw it loaded on buses, and by Monday it would be in our markets. This for us is a very important milestone for Nigeria and Africa.