Barely two weeks after President Muhammadu Buhari commissioned Dangote’s fertilizer plant in Lagos, the Federal Government has re-emphasis that the President of Dangote Industries, Malam Aliko Dangote, has triggered investment confidence in the country.
- The total financial commitment to both refinery and fertilizer projects so far has been put at $21.5 billion with the refinery gulping $19 billion and the fertilizer plant $2.5 billion.
Disclosing this during a tour of Dangote Refinery and Petrochemical plant in Lagos, the Minister of Information and Culture, Alhaji Lai Mohammed, said Dangote was not only leading Nigeria’s industrial revolution but also ensuring food and energy security.
“We have just been taken on a tour of what is undoubtedly one of the busiest construction sites in the world, the Dangote Refinery and Petrochemical plant.
After visiting the facilities, one can conveniently say that Dangote is leading Nigeria’s industrial revolution. “The coming into being of such massive industrial complexes as the Dangote Fertilizer Company and the refinery were made possible by the enabling environment provided by the administration of President Muhammadu Buhari.
“Today, new businesses are springing up in all sectors, thanks to a conducive business environment. Under this administration, the Presidential Enabling Business Environment Council (PEBEC) has implemented over 150 reforms, moving Nigeria up 39 place son the World Bank Doing Business index since 2016.
“Mr. President also signed the Companies and Allied Matters Act, 2020 (CAMA 2020) – Nigeria’s most significant business legislation in three decades.
The result of this favorable business environment is the birth of new businesses such as the $2.5 billion Dangote Fertilizer Plant that will produce three million metric tonnes of Urea every year; the 650,000 barrels per day oil refinery due to open later this year; Lekki Deep Sea Port, one of the most modern sea ports in West Africa; BUA’s three million metric tonnes cement plant; and the 5,000 barrels per day Modular Refinery in Ibigwe, Imo State, and three more modular refineries to be commissioned before May 2023 in Edo and Bayelsa states just to mention a few,” the minister said.
Speaking further on the enabling business environment, the minister pointed out that before this administration came into office in 2015, Nigeria had a fertilizer shortfall of about 3.5 million tonnes per annum over six million tonnes per annum are required in the country.
“Thanks to the Presidential Fertilizer Initiative launched by President Muhammadu Buhari, indigenous companies like Indorama and Notore – with a combined capacity of over 2.5 million tonnes per annum. Yet there was still a fertilizer shortfall.
“With the coming on stream of the Dangote Fertilizer plant, Nigeria is now self-sufficient in the production of Urea. In fact, Nigeria is now the leading producer of Urea in Africa. “The Dangote Fertilizer plant is already exporting to the US, India, Brazil, Mexico and Argentina.We were fortunate to witness a ship being loaded with urea for export to Argentina,” he said.
He said the 650,000 barrels per day refinery would be a game changer once it comes on stream in terms of employment generation, huge value addition that will contribute to the increase in GDP, and conservation of foreign exchange as there will be no more importation of petroleum products; generation of foreign exchange through export of finished product, availability of petroleum products, thus ending petrol queues and attracting foreign capital investments.
