CBN Gov. says Dangote Fertilizer Plant commissioning is timely amid Russia-Ukraine war.
Written by News Room on March 22, 2022
The Governor, Central Bank of Nigeria, Godwin Emefiele, has said that the commissioning of the Dangote Fertilizer Plant is timely, as the prices of crude oil and fertilisers have been on the increase since the Russia-Ukraine crisis.
The CBN boss disclosed this at the commissioning of the plant by President Muhammadu Buhari on Tuesday.
For the governor of Lagos state, Babajide Sanwo-Olu the project will address youth employment and boost agriculture in the country. He lauded former Lagos state governor, Asiwaju Bola Tinubu, for conceiving the idea of the Lekki Free Trade zone in 2003.
While Nigeria is estimated to need about five to seven million metric tonnes of fertiliser per annum amid its current level of fertiliser consumption which is 1.5 million metric tonnes, the Dangote fertiliser complex was established to produce three million metric tonnes of urea fertiliser per annum in its first phase.