Chairman of Dangote Group, Aliko Dangote has revealed the $2 billion granulated urea fertiliser plant located at Ibeju Lekki, Lagos, is set to commence operations next week.
Dangote made the announcement in Lagos on Saturday, during a tour of the facilities with governor of Lagos, Babajide Sanwo-Olu, at the Lekki Free Trade Zone and Dangote petrochemical refinery facilities.
He further disclosed the refinery plant will be completed later this year and production will commence first quarter of 2022.
Governor of Central Bank of Nigeria, Godwin Emeiele had revealed that arrangements were made to enable the Dangote Refinery sell refined petroleum products in naira when it commences production, saving foreign exchange for the country.
Emefiele said, “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.”
This will make Nigeria the only urea exporting country in Sub-Saharan Africa as both fertiliser and petrochemicals plants are capable of generating $2.5 billion annually, The Cable reports.