Nigerian tycoon Aliko Dangote launches a fertilizer plant constructed at a cost of 2.5 billion dollars.
The fertiliser complex is built on a 500 hectare of land at Lekki Free Trade Zone in Lagos, Nigeria. It is Africa’s largest granulated fertiliser complex.
With a capacity to produce 3 million tonnes of urea per year, the plant targeted at African and foreign markets, which is coincided with the war in Ukraine.
Ever since the war between Russia and Ukraine war started, the prices for natural gas, a key ingredient for making urea, is increasing at alarming rate, sending a shock that are import dependent when it comes to fertilizer.
Exports from the plant will go to Brazil, which relies heavily on Russia for imports of fertilizer. Shipments will also go to the United States, India and Mexico, Dangote said at the launch.
Upon starting operations at full capacity, the plant is also expected to add well over 400 million dollars in foreign exchange into the Nigerian economy from exportation of the products to other countries.
