Africa’s richest man, Aliko Dangote has disclosed that one of his closely held assets, the $2.5 billion granulated fertilizer plant located in Lekki Free Trade Zone (LFTZ), will commence operation in Nigeria.
The billionaire whose current wealth is valued at $16.6 billion, revealed this on Saturday during a tour of the Petrochemicals and refinery complex facilities by the Governor of Lagos State, Babajide Sanwo-Olu, and his team.
The granulated urea fertilizer plant which is expected to commence operations next week has been pushed back severally for reasons such as access to forex, the ailing economy and more recently the COVID-19 pandemic.
In a bid to scale up production further plans have been made to expand the plant’s 3 million metric tonnes per annum capacity to produce multiple grades of fertilizers to meet soil, crop and climate-specific requirement for the African continent.
In case you missed it: In line with a report by the company, Nairametrics reported last month that the $2.5 billion granulated fertilizer plant would commence operation in the first quarter of 2021.
What you should know
- The Urea Fertilizer plant was built to tap into Nigeria’s demand for fertilizer, a critical component of achieving food sufficiency for Africa’s most populous country.
- The Fertilizer plant is expected to manufacture 3 million metric tonnes of urea per annum, with a view to reducing the nation’s fertilizer imports, and generating $400m annual foreign exchange from export to Africa countries.