Aliko Dangote, Chairman, Dangote Group, has disclosed that the $2 billion granulated urea fertiliser plant located at Ibeju Lekki, Lagos State, will begin operations next week.
Read Also: It’s Difficult To Meet Some Of ASUU’s Demands With FG Earning Less Than $70m Daily – Minister
He announced this in Lagos on Saturday, during a tour of facilities by the state governor, Babajide Sanwo-Olu, at the Lekki Free Trade Zone and Dangote petrochemical refinery facilities.
The billionaire businessman also revealed that the refinery plant will be completed later this year and production will commence in the first quarter of 2022.
The fertiliser plant has a name-plate annual capacity of three million tons of urea and ammonia, which is regarded as the largest in the world.
Read Also: FG Should Subject $1.5bn Planned Repair Of Port Harcourt Refinery To Debate – Peterside
It is also being constructed in the Lekki Free Trade Zone area, which houses other plants and factories including the 650,000 barrels per day Dangote Refinery and Lekki Port.
This makes Dangote fertiliser company, the only urea exporting company in Sub-Saharan Africa.
Both the fertiliser and petrochemicals plants are capable of generating $2.5 billion annually.
Read Also: We’re Not Responsible For Attack On Your Convoy, Miyetti Allah Tells Ortom
Godwin Emeiele, governor of the Central Bank of Nigeria (CBN), had assured that arrangements have been concluded to enable the Dangote Refinery sell refined petroleum products in naira when it commences production.
Emefiele said it will save foreign exchange for the country.
“I am saying that by this time next year, our cost of import of petroleum products for petrochemicals or fertiliser will be able to save that which will save Nigeria’s reserve,” Emefiele had said.
