Nigeria’s stake in global trade supply increases
Written by News Room on April 6, 2022
Nigeria’s stake in the global trade supply has been increased with the launch of the 3 million metric tones’ per annum capacity Dangote Fertilizer in Lagos.
The Urea Plant, located at Lekki Free Trade Zone, within the Dangote Refinery currently presently under construction, is promoted by Africa’s global enterprise, Dangote Industries Limited.
Report says that the plant would be pumping a fresh 3 million tonnes of granulated Urea into the country and the world supply amid the impact of increasing prices in the aftermath of the Russia-Ukraine war.
With the current economic problem facing Nigeria and which has destroyed foreign exchange intake, the Dangote Fertiliser would be reversing an unpleasant trend in Nigeria’s balance of trade in which hundreds of millions of dollars is taken overseas on fertilizer import annually.
According to the United Nations Commodity Trade Statistics Database (COMTRADE) on international trade, as at 2020, Nigeria imports of Fertilizers was 261.69 million dollars.