President Muhammadu Buhari has projected that Dangote Fertiliser Plant’s operations would boost Nigeria’s foreign exchange (forex) earnings as its products will be distributed locally and globally following the commissioning of the project.
Buhari, who made this projection on Tuesday when he inaugurated the world-class urea manufacturing plant, located at the Ibeju Lekki, Lagos State, commended Mr. Aliko Dangote, for his contributions to the nation’s economic growth, describing him as the biggest private sector employer of labour in the country.
The President noted that the new fertiliser plant would reduce Nigeria’s importation of urea, help to conserve foreign exchange used for the commodity’s importation and also create thousands of jobs, especially among the unemployed youths.
Buhari said: “Along with the several other subsidiaries, Dangote Industries Limited has created millions of jobs across Nigeria. It is the second biggest employer of labour in this country after the Federal Government.
“This is very pleasing because job creation by private sector operators is vita security as it takes thousands of youths off the street.
“The nation also stands to gain excessively in earnings of foreign exchange with excess production and export from the plant. I’m informed that you have started exporting to other countries including the United States, India and Brazil.”
“I look forward to inaugurating the refinery and petrochemical plant later in the year”, the President added.
The Dangote Fertiliser Plant was built at a cost of $2.5 billion and it has a capacity to produce three million metric tonnes (mt) of urea per annum.
