The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said on Tuesday the Dangote Fertiliser Plant would ensure self-sufficiency in the local consumption of fertilizer.
Emefiele stated this during the commissioning of the $2.5 billion fertilizer plant by President Muhammadu Buhari in Lagos.
The fertilizer plant located in the Ibeju-Lekki area of Lagos has the capacity to produce 3 metric tonnes of urea annually.
The CBN governor stressed that the commissioning of the fertilizer plant was timely as the prices of crude oil and fertilisers have been on the increase since the beginning of the Russia-Ukraine crisis.
He said the plant would also reduce farmers’ dependence on imported fertilizer.
Emefiele said: “I am delighted that Dangote has helped Nigeria to solve a perennial fertiliser problem, as the development would aid self-sufficiency in local consumption of the product.
“This fertilizer plant will not only enable greater productivity of the agricultural sector, but will also help to insulate our farmers from depending on imported fertilizer.
“The commissioning is timely, as prices of crude oil and fertilisers have been on the increase due to the on-going war between Ukraine and Russia.”
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