It is indeed my pleasure to be here today at the commissioning of these 3 million tons per annum fertilizer plant. I am delighted that a Nigerian has taken not just this great initiative of helping to solve our perennial problem of importing petrochemical products including fertilizer but has taken advantage of the emerging huge market opportunity presented by recent global developments.
Mr. President, in the early days of my stewardship under you, you made your vision for our country clear to me. This vision was wrapped around the broad theme of self-introspection for local resources and self-sufficiency in local consumption. In summary, you told me that you would like to see urgent support for our farmers, small businesses, and large manufacturers. You wanted to see a Nigeria that produced what it consumed and reduced foreign exchange expenditure on agricultural imports.
Given our unflinching believe in you, we immediately set out to work at the CBN. We thoroughly studied, deeply assimilated, and enthusiastically implemented this vision from Day One of your administration. It is based on the many nights and days of painstaking work in pursuit of this vision that today’s ceremony is emotional for us at the CBN.
Indeed, the completion of this plant is a stellar example of the realization of your vision. It is only fitting, therefore, that this plant is being commissioned by Mr. President himself, the original owner and protector of this vision.
For your unparalleled leadership and timely vision, and on behalf of a grateful country, I say heartfelt “Thank you”, Your Excellency Sir. To avoid losing momentum and backtracking on these gains, we will work hard, every day, to protect your legacy and ensure that posterity remembers you for all you have done for our country.
Indeed, this fertilizer plant is timely when one considers recent developments in the global market, where prices of wheat, fertilizer and crude oil spiked by over 20 percent, following the Russia – Ukraine war.
In addition to the lessons we learnt from the protectionist actions of countries during the early days of COVID-19, this investment is again a glaring testament to the foresight and tireless efforts of Mr. President in encouraging domestic production of items that can be produced in Nigeria, especially agriculture. This would not only help to enable greater productivity of our agricultural sector but would also help in insulating Nigeria farmers from depending on imported fertilizer.
Prior to Mr. President assuming office in 2015, Nigeria had a shortfall of about 3.5 million tons per annum compared to the over 6 million tons per annum required in the country. With sustained efforts, other indigenous companies like Indorama and Notore with a combined capacity of over 2.5 million tons per annum have tried to match the market demand, yet the country still faced a huge shortfall of fertilizer supply.
In response to this situation, Mr. President inaugurated the Presidential Fertilizer Initiative and charged them with resolving this problem. I am delighted to note that their work and the continued support of Mr. President has resulted in a significant increase in our nation’s blending capacity from 7 plants in 2015 to over 48 active fertilizer blending plants today. Indeed, during the past 5 years, over 35 million bags of blended fertilizer has been produced in Nigeria. Consequently, our import bill on fertilizer has not only declined significantly but we are also witnessing rising investment in the fertilizer industry, such as the one being commissioned today by the Dangote Group.
Today Nigeria is self-sufficient in the production of urea, and we are also the leading producer of urea in the African continent. There is no doubt that improving access to fertilizer will contribute to significant improvements in the productivity of our local farmers. But probably more importantly, it will enhance our nation’s drive to improve food security and ensure we consume what we produce in Nigeria, thereby fulfilling another key promise and vision of this Administration
Mr. President, with your clear leadership, and persistent guidance, the agricultural sector has increased its performance and contribution to growth. The last GDP report by the NBS indicated that the agricultural sector accounted for about 27.0 percent of the growth, a testament to the president’s support to the sector.
This Dangote fertilizer plant with an installed capacity of over three million metric tons per annum is a very significant feat in the diversification agenda of Mr. President. This is because it will help to increase the value chain in the petrol-chemical and allied sector, create jobs for our youths and boost our agricultural productivity.
At this juncture, Your Excellencies, ladies and gentlemen, I would like to thank Alhaji Aliko Dangote as well as the Board and Management of the Dangote Group for this great project. I want to assure you that the Central Bank of Nigeria will continue to provide not just the conducive environment required to thrive, but give willing investors in the fertilizer industry, the necessary support to make similar investments.
Finally, I want to thank Mr. President for the enormous support and encouragement given to the private sector that is helping them to contribute immensely to the growth of the economy. It is my hope that these foundations that you laid will become the permanent bedrock upon which we can continue to create an equitable and thriving economy.
A goodwill message by Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, at the presidential commissioning of the Dangote fertilizer plant, Lekki Free Trade Zone, Lagos
